Scotiabank announced May 1 that it has completed the acquisition of Jarislowsky, Fraser Limited, a leading independent investment firm.

Jarislowsky Fraser brings approximately $40 billion in assets under management to Scotiabank's Canadian Asset Management business.

"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."

Additional banking, estate, and trust services

"We are excited to combine the strength of one of Canada's leading financial institutions with Jarislowsky Fraser. We look forward to continuing to serve our clients and delivering outstanding investment management services to meet their needs," said Pierre Lapointe, President, Jarislowsky, Fraser Limited.  "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."