Toronto-based Bank of Nova Scotia has completed its acquisition of Jarislowsky Fraser Ltd., the bank announced on Tuesday.
The addition of the Montreal-based investment firm brings approximately $40 billion in assets under management to Scotiabank’s Canadian asset management business. The completed acquisition creates the third-largest Canadian active asset manager with $166 billion in assets under management as of Dec. 31, 2017, the firm says in a news release.
“Jarislowsky Fraser is not only an iconic brand with a long history of investment excellence, but it is highly complementary to our existing wealth management platform,” says Glen Gowland, senior vice president and head of asset management at Scotiabank, in a statement.
“This allows us to extend our institutional footprint and further diversify and grow our global wealth management business,” he adds, “to better serve even more institutional investors and high net worth families.”
Says Pierre Lapointe, president of Jarislowsky Fraser, in a statement: “In addition, Scotiabank’s platform will enhance Jarislowsky Fraser’s ability to expand our investment management capabilities and capacity to deliver additional banking, estate and trust services to meet the needs of our clientele.”