The Bank of Nova Scotia (Scotiabank) has announced it will buy investment manager Jarislowsky Fraser for $950 million. The bank will pay that price mostly by issuing shares in the bank. An earn-out of up to $56 million in additional Scotiabank common shares may also be paid based on certain growth targets. Jarislowsky Fraser has more than $40 billion in assets under management on behalf of institutional and high net worth clients. The firm’s management team will continue to lead its existing business and its head office will remain in Montreal.
