|By Marketwired .||
|May 2, 2014 01:24 PM EDT||
TORONTO, ON--(Marketwired - May 02, 2014) - Scotiabank today announced the expansion of its institutional asset management business, acquiring the remaining 40% of Aurion Capital Management shares that were owned by Aurion Capital employees. The transaction is subject to regulatory approvals. Terms are not material to Scotiabank and were not disclosed.
Founded in 1996, Aurion Capital is an investment management firm originally focused on institutional investors, but now also private client and sub-advisory mandates. Aurion Capital has $6 billion in assets under management and advises on $4.7 billion of assets in a fiduciary investment management mandate. In February 2011, Scotiabank acquired majority ownership of Aurion Capital through the Bank's acquisition of DundeeWealth Inc. DundeeWealth had acquired a 60% stake in Aurion Capital in July 2008.
"Consolidating our position in Aurion Capital represents an important step as we execute our strategy to grow meaningfully in the institutional space by leveraging our platform, investment talent and international reach," said Robin Lacey, Managing Director and Head, Global Institutional Asset Management. "By acquiring the remaining interest in Aurion Capital, Scotiabank is signalling its continued confidence in Aurion Capital's strong performance and client focus."
Aurion Capital President and Chief Investment Officer Neil Jacoby said: "This transaction is the logical evolution for Aurion Capital and is an exciting development for all of us. Scotiabank's focus and long-term commitment to institutional asset management is great news for our clients and our people."
Scotiabank is a leading financial services provider in over 55 countries and Canada's most international bank. Through its team of more than 83,000 employees, Scotiabank and its affiliates offer a broad range of products and services, including personal and commercial banking, wealth management, corporate and investment banking to over 21 million customers. With assets of $783 billion (as at January 31, 2014), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank's media releases using Marketwired. For more information please visit www.scotiabank.com.
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