Scotiabank renames subsidiaries

The name changes are the first step toward creating a single legal entity for the bank’s wealth-management businesses

By: Dwarka Lakhan
October 27, 2013 October 30, 2019
23:00

BANK OF NOVA SCOTIA IS changing the name of two of its subsidiaries, Scotia Asset Management LP and DundeeWealth Inc.

Scotia Asset Management, which manages the bank’s mutual funds and investment solutions for private clients, institutional clients and managed-asset programs, has been renamed 1832 Asset Management LP effective Sept. 30. DundeeWealth, the bank’s independent retail advisor network, will be renamed HollisWealth on Nov. 1.

Spirit of history

The new names “capture the spirit of the bank’s history,” says Tuula Jalasjaa, managing director and head of DundeeWealth’s retail advisor network in Toronto. In fact, she says, Scotiabank received royal assent on March 20, 1832, and opened its doors for business on August 29 of that year at 188 Hollis Street in Halifax.

The name changes are directly related to agreements between Dundee Corp. and Scotiabank regarding the use of certain trademarks following Scotiabank’s acquisition of DundeeWealth on Feb. 1, 2011.

In the case of DundeeWealth, Jalasjaa explains, Scotiabank has the licence to use the DundeeWealth trademark for three years, which expires on Feb. 1, 2014.

Earlier, in January 2012, Scotiabank had renamed Goodman & Co. Investment Counsel Ltd., the investment-management division of DundeeWealth and manager of the Dynamic family of mutual funds, as GCIC Ltd.

Largest shareholder

In doing so, the bank dropped the Goodman name associated with the controlling shareholder of Dundee Corp., which had been the largest shareholder of DundeeWealth.

“We needed to drop the Goodman name,” says Jordy Chilcott, managing director and head of global asset management, retail, with Scotiabank in Toronto.

In spite of the name change, Chilcott says, “there will be no changes to the Scotia or Dynamic funds’ brands.” They still will be marketed under these brand names, meaning that clients would not have to deal with any name changes.

The name change to 1832 Asset Management is the first step toward creating a single legal entity that will house Scotiabank’s distinct asset-management businesses.

“We are simply putting all registrable activities under one investment fund manager registration,” says Chilcott.

This means that existing registrations under Scotia Private Client Group, Scotia Institutional Asset Management and the WaterStreet Group Inc. (the last of which was acquired by Scotiabank in October 2010) now will be combined under the 1832 Asset Management banner.

The firm’s new name will show up as the fund portfolio manager or subadvisor in legal documents such as prospectuses.