Scotiabank completes acquisition of Jarislowsky, Fraser Ltd.

On May 1, 2018, Scotiabank announced the completion of its $950 million acquisition of Jarislowsky, Fraser Ltd. to create the third-largest Canadian active asset manager with $166 billion in assets under management (as of December 31, 2017). 

Scotiabank is Canada’s international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific, with a team of more than 88,000 employees and assets of over $915 billion (as at October 31, 2017). 

Jarislowsky, Fraser is one of Canada’s leading independent investment management firms, managing the portfolios of pension funds, foundations and endowments, corporations and individuals in Canada, the United States and internationally—representing more than $40 billion in assets under management. 

Scotiabank was represented internally with a team that included Ian Arellano (EVP & General Counsel), Anita Mackey (SVP & Associate General Counsel), Alex MacMillan and Doug Robertson (Senior Counsel, Strategic Transactions). Torys LLP provided external legal support with a team led by (Ricco) A.S. Bhasin and which also included Susan Nickerson, Richard Johnson, Cameron Koziskie, Robert Fatt, Michael Meguid and Marko Trivun. 

Stephen A. Jarislowsky (founder of Jarislowsky, Fraser Ltd.) and S.A. Jarislowsky Investments Inc. were represented by Davies Ward Phillips & Vineberg LLP with a team that included William Rosenberg, Justin Vineberg, Brian Bloom, Olivier Désilets, Adam Fanaki and Christina Sauro. 

Jarislowsky Fraser Ltd. was represented by Blake, Cassels & Graydon LLP with a team that included Peter MacGowan, Navin Joneja, Howard Levine and Kathleen Penny

The partners of Jarislowsky Fraser Ltd. were represented by Stikeman Elliott LLP with a team that included André Roy, Michel Gélinas, Julien Robitaille-Rodriguez, Luc Bernier, Adam Drori, and Hélène Bussières

Stephen A. Jarislowsky (founder of Jarislowsky, Fraser Ltd.) and S.A. Jarislowsky Investments Inc. were advised by Richard Lewin from Wildeboer Dellelce LLP on tax matters relating to the sale.