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Scotiabank To Acquire Jarislowsky Fraser

Scotiabank said that it will acquire Jarislowsky Fraser, one of Canada's leading independent investment firms with more than $40 billion in assets under management on behalf of institutional and high net worth clients.

The combination of Jarislowsky Fraser and Scotiabank's asset management business creates the third-largest Canadian active asset manager with $166 billion in assets under management (as of December 31, 2017). The transaction is expected to close in fiscal Q3 2018, subject to regulatory approvals.

The purchase price payable at closing of approximately $950 million will be satisfied primarily by the issuance of Scotiabank common shares. An earn-out of up to $56 million in additional Scotiabank common shares may be paid based on achieving growth targets.

The transaction has received unanimous support of all partners of Jarislowsky Fraser, and of Stephen A. Jarislowsky, who will continue his association with the business that will continue to carry his name and retain investment autonomy.

by RTTNews Staff Writer

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