Toronto-based Marquest Asset Management Inc. is acquiring all outstanding shares of Scotia Management Cos. Administration Inc. (SMCA) from Scotia Capital Inc., a wholly-owned subsidiary of Bank of Nova Scotia, the firms announced in a joint statement.

SMCA manages and provides an array of investment products to retail investors and had net assets under management of more than $678 million as of June 1.

After the transaction closes, SMCA will remain a separate entity. The firms predict the transaction will not affect the day-to-day affairs of the funds that SMCA manages as a dedicated management group will continue to operate SMCA following the closing. Unitholders are not required to take any action.

This transaction is subject to customary regulatory approvals and is not material to Scotiabank.

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