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Money Management

Bank of Nova Scotia acquires Jarislowsky Fraser

The Bank of Nova Scotia on Tuesday announced it completed the acquisition of Montreal-based money manager Jarislowsky Fraser for about C$950 million ($740 million), according to a Scotiabank spokeswoman.

Scotiabank will now have C$166 billion in assets under management, including the C$40 billion managed by Jarislowsky Fraser.

Jarislowsky Fraser will retain its brand name and management team, the spokeswoman said. The firm manages equity and fixed-income strategies for pension funds, foundations, high-net-worth and retail investors.