Scotiabank buying investment manager Jarislowsky Fraser

TORONTO — Scotiabank has signed a deal to buy Montreal-based investment manager Jarislowsky Fraser for $950 million. Jarislowsky Fraser has more than $40 billion in assets under management on behalf of institutional and high net worth clients. Under the deal, Scotiabank will pay most of the acquisition cost by issuing shares of the bank. It may pay up to an additional $56 million in Scotiabank stock if certain growth targets are reached. Jarislowsky Fraser’s management team will continue to lead its existing business and its head office will remain in Montreal. The companies say the deal has the unanimous support of all of the partners of Jarislowsky Fraser.