Scotiabank buying Jarislowsky Fraser for $950 million

TORONTO — Scotiabank has signed a deal to buy Montrealbased 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. Founder Stephen Jarislowsky will also continue his association with the business that will continue to carry his name and retain investment autonomy.