Scotiabank completes deal for Canadian investment firm

One of Canada’s leading independent investment firms is now officially part of Scotiabank.

The banking group’s acquisition of Jarislowsky Fraser Limited completed this week and creates Canada’s third-largest active asset manager with $166 billion in assets under management as of December 31, 2017.

Jarislowsky Fraser was founded in 1955 as a research boutique but has grown into a firm with $40 billion AUM with clients including pension funds, foundations and endowments, corporations and individuals; in Canada and internationally.

"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," said Glen Gowland, Senior Vice President and Head, Asset Management at Scotiabank. "This allows us to extend our institutional footprint and further diversify and grow our global wealth management business, to better serve even more institutional investors and high net worth families."

Jarislowsky, Fraser president Pierre Lapointe says that becoming part of Scotiabank will strengthen the firm’s range of products and services for its clients.

“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," he said.