Manulife awarded

Toronto-based Manulife Financial Corp.’s CoverMe.com client-oriented website has been awarded the 2011 International Business Award for Best Insurance Website by Stevie Awards Inc., an international organization based in Fairfax, Va. that recognizes best business practices around the world. CoverMe.com, created and managed by Manulife’s affinity markets unit, gives clients information about their life and health plan options and individual benefit plans. As well, the site provides tools to help clients determine their individual coverage needs. CoverMe.com was recognized for its consumer-friendly quote and application process, knowledge centre and client-referral program.

Scotiabank in Brazil

Toronto-based Bank of Nova Scotia has completed its acquisition of Sao Paolo-based Dresdner Bank Brasil SA, a wholesale banking institution. Soon to become Scotiabank Brasil SA, DBB was acquired by Scotiabank from Frankfurt-based Commerzbank AG. The acquisition is part of Scotiabank’s plan to expand in various emerging markets.

BetaPro expands

Toronto-based BetaPro Management Inc., which manages Horizon BetaPro exchange-traded funds, has increased its stake in BetaShares Holdings Pty. Ltd., an Australia-based holding company that owns BetaShares Capital Ltd., an ETF manufacturer that trades its products on the Australian Securities Exchange. BetaPro has purchased an additional stake of 6.1% for A$2 million. Previously, BetaPro had owned 40% of BetaShares’ outstanding shares; it now has the option to increase its stake to 50%. BetaPro says the acquisition will help leverage the Horizons ETF brand in Australia.

Deal completed

Lévis, Que.-based Desjardins Financial Security has completed its deal with Toronto-based Jovian Capital Corp. to acquire Winnipeg-based MGI Financial Inc. At a purchase price of $27 million, DFS acquires MGI and its subsidiaries. The deal includes $10 million in MGI’s subordinated debt, which is still owed to Jovian. Jovian currently has $8 billion in assets under management and $1.5 billion in assets under administration.

Compiled by Olivia Glauberzon
(oglauberzon@investmentexecutive.com).