Toronto-based Bank of Nova Scotia announced on Friday that its subsidiary, 1832 Asset Management LP, will become the portfolio advisor to three funds.
In particular, 1832 Asset Management will replace the current portfolio advisors to Scotia Global Balanced Fund, Scotia U.S. Dividend Fund and Scotia Global Dividend Fund.
“1832 Asset Management is increasingly focused on growing its capacity, expertise, and portfolio management bench strength across a broad spectrum of asset classes and strategies,” says Neil Macdonald, managing director of ScotiaFunds, in a statement.
“Over the past few years, the firm has made a significant investment in expanding its fixed income and global equity expertise,” he adds. “The portfolio advisor changes announced today reflect ScotiaFunds’ commitment to leverage 1832 Asset Management’s internal capabilities and expertise to deliver appropriate risk-adjusted returns for investors.”
The investment objectives of the funds, which were already being managed by 1832 Asset Management, remain the same and the change is effective immediately.
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