Toronto-based Bank of Nova Scotia’s asset-management division, 1832 Asset Management LP, has entered the ETF market with the launch of its Scotia Strategic ETF Portfolios, a suite of single asset class ETF portfolios with multi-discipline, multi-manager diversification, the firm announced on Wednesday.
The four portfolios are Scotia Strategic Fixed Income Portfolio (Ticker: SFIX), Scotia Strategic Canadian Equity ETF Portfolio (Ticker: SCAD), Scotia Strategic U.S. Equity ETF Portfolio (Ticker: SUSA), and Scotia Strategic International ETF Portfolio (Ticker: SINT).
The portfolios are structured as ETF-on-ETF portfolios. The underlying ETFs are screened and selected from a broad spectrum of index tracking, factor-based and actively managed ETFs from Canadian and U.S. providers, and are then carefully combined for optimized asset class exposure.
Management fees range from 0.45% to 0.60% with no premiums for foreign equity mandates.
“Canadian investors have long entrusted us with their life savings across a wide spectrum of investment solutions. These new ETF portfolios will help us more fully serve our diverse client base with a level of flexibility not previously available in the marketplace,” says Glen Gowland, senior vice president and head of asset management at Scotiabank, in a statement.
1832 Asset Management has retained Toronto-based BlackRock Asset Management Canada Ltd. to act as subadvisor for the ETFs.
The ETF portfolios have closed their initial offering of units and began trading on the Toronto Stock Exchange on Wednesday.