Canada’s Fiera Capital has agreed to acquire Los Angeles-based Bel Air Investment Advisors, the wealth management firm, as well as its affiliate Bel Air Securities and New York-based Wilkinson O’Grady & Co, adding C$8.5 billion ($8.1 billion) in assets under management to a total of C$74 billion.

Fiera is paying a total consideration of around$156.25 million to buy the firms and it expects to obtain a low double-digit accretion to its 2014 adjusted net earnings per share as a result of the transactions.

“We see tremendous growth potential in the US private wealth market and these transactions fit perfectly with our plan to create value by becoming a leading North American investment management firm within the next five years," Jean-Guy Desjardins, chairman and chief executive of Fiera, said in a statement.

"Bel Air has established itself as one of the nation's largest independent advisors to the attractive ultra-high net worth segment of the private wealth market. By partnering with Bel Air, Fiera will be uniquely positioned to expand its wealth management business internationally and serve clients coast to coast," Desjardins added.

The Bel Air brand will operate under Fiera Capital Private Wealth North American's division. The business unit will be led by Todd Morgan, senior managing partner of Bel Air, who will become Chairman of FCPWNA.

Bel Air was founded in 1997, and has around C$6.3 billion in assets under management and C$1.4 billion in consulting assets.

The firm will be acquired for consideration of $125 million subject to various adjustments, including a maximum of $115 million in cash. The remaining $10 million will be paid to the selling shareholders by issuing new Fiera Class A subordinate voting shares over a 32-month period following closing. Some $15 million of the cash consideration will be held in escrow for a period of three years. As part of the transaction, Bel Air's management team and other key personnel will also receive performance share units in Fiera and will join the Firm to play a pivotal role in the continued success of the business.

Wilkinson O'Grady, meanwhile, which was created in 1972, manages approximately C$2.2 billion for individuals, families, trusts, endowments, and foundations located around the world. It serves more than 500 client accounts and is part of the Global Investment Capital Holding Limited Group.

Wilkinson O'Grady will be acquired for an aggregate purchase price of $31.25 million consisting of $29.7 million in cash and $1.6 million worth of Fiera Class A subordinate voting shares (which reflects the roll-over of senior employee ownership in Wilkinson O'Grady into newly issued Fiera Class A subordinate voting shares). As part of the Transactions, key employees of Wilkinson O'Grady will join the Fiera team under long-term employment agreements.