/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES./
TORONTO, June 13, 2017 /CNW/ - The Bank of
Nova Scotia ("Scotiabank") and
Marquest Asset Management Inc. ("Marquest") are pleased to announce
that Marquest and Scotia Capital Inc. ("Scotia Capital"), a
wholly-owned subsidiary of Scotiabank, have entered into an
agreement pursuant to which Marquest has agreed to acquire all of
the outstanding shares of Scotia Managed Companies Administration
Inc. ("SMCA"), from Scotia Capital. This transaction is not
material to Scotiabank.
SMCA structures, manages and offers a range of different
investment products ("Funds") to retail investors. SMCA managed net
assets of C$678,064,105 as at
June 1, 2017.
Following the closing of the transaction, SMCA will continue as
a separate entity. The transaction is not expected to result in any
changes in the day-to-day affairs of the Funds managed by SMCA, as
the dedicated management group for the Funds will continue to
operate SMCA following the closing. Fund unitholders are not
required to take any action. The transaction is subject to
customary regulatory approvals.
About Marquest
Marquest Asset Management Inc. is a
diversified investment management firm based in Toronto, Ontario led by an
industry-experienced management team. Marquest offers its
clients a wide range of products and services, including public
mutual funds, private investment funds, flow-through limited
partnerships and a closed-end fund listed on the Toronto Stock
Exchange. For more information, please visit
www.marquest.ca.
About Scotiabank
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. We are dedicated to helping our
23 million customers become better off through a broad range of
advice, products and services, including personal and commercial
banking, wealth management and private banking, corporate and
investment banking, and capital markets. With a team of more than
88,000 employees and assets of over $921
billion (as at April 30,
2017), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges
(NYSE: BNS). For more information, please visit www.scotiabank.com
and follow us on Twitter @ScotiabankViews.
Forward-looking Statements
Our public communications
often include oral or written forward-looking statements.
Statements of this type are included in this document, and may be
included in other filings with Canadian securities regulators or
the United States ("U.S.")
Securities and Exchange Commission ("SEC"), or in other
communications. All such statements are made pursuant to the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995 and any applicable Canadian securities legislation.
Forward-looking statements may include, but are not limited to,
statements made in this document, the MD&A in the Bank's 2016
Annual Report under the headings "Overview – Outlook," for Group
Financial Performance "Outlook," for each business segment
"Outlook" and in other statements regarding the Bank's objectives,
strategies to achieve those objectives, the regulatory environment
in which the Bank operates, anticipated financial results
(including those in the area of risk management), and the outlook
for the Bank's businesses and for the Canadian, U.S. and global
economies. Such statements are typically identified by words or
phrases such as "believe," "expect," "anticipate," "intent,"
"estimate," "plan," "may increase," "may fluctuate," and similar
expressions of future or conditional verbs, such as "will," "may",
"should," "would" and "could."
By their very nature, forward-looking statements involve
numerous assumptions, inherent risks and uncertainties, both
general and specific, and the risk that predictions and other
forward-looking statements will not prove to be accurate. Do not
unduly rely on forward-looking statements, as a number of important
factors, many of which are beyond the Bank's control and the
effects of which can be difficult to predict, could cause actual
results to differ materially from the estimates and intentions
expressed in such forward-looking statements. These factors
include, but are not limited to: the economic and financial
conditions in Canada and globally;
fluctuations in interest rates and currency values; liquidity and
funding; significant market volatility and interruptions; the
failure of third parties to comply with their obligations to the
Bank and its affiliates; changes in monetary policy; legislative
and regulatory developments in Canada and elsewhere, including changes to,
and interpretations of tax laws and risk-based capital guidelines
and reporting instructions and liquidity regulatory guidance;
changes to the Bank's credit ratings; operational (including
technology) and infrastructure risks; reputational risks; the risk
that the Bank's risk management models may not take into account
all relevant factors; the accuracy and completeness of information
the Bank receives on customers and counterparties; the timely
development and introduction of new products and services in
receptive markets; the Bank's ability to expand existing
distribution channels and to develop and realize revenues from new
distribution channels; the Bank's ability to complete and integrate
acquisitions and its other growth strategies; critical accounting
estimates and the effects of changes in accounting policies and
methods used by the Bank (See "Controls and Accounting Policies –
Critical accounting estimates" in the Bank's 2016 Annual Report, as
updated by quarterly reports); global capital markets activity; the
Bank's ability to attract and retain key executives; reliance on
third parties to provide components of the Bank's business
infrastructure; unexpected changes in consumer spending and saving
habits; technological developments; fraud or other criminal
behaviour by internal or external parties, including the use of new
technologies in unprecedented ways to defraud the Bank or its
customers; increasing cyber security risks which may include theft
of assets, unauthorized access to sensitive information or
operational disruption; anti-money laundering; consolidation in the
Canadian financial services sector; competition, both from new
entrants and established competitors, including through internet
and mobile banking; judicial and regulatory proceedings; natural
disasters, including, but not limited to, earthquakes and
hurricanes, and disruptions to public infrastructure, such as
transportation, communication, power or water supply; the possible
impact of international conflicts and other developments, including
terrorist activities and war; the effects of disease or illness on
local, national or international economies; and the Bank's
anticipation of and success in managing the risks implied by the
foregoing. A substantial amount of the Bank's business involves
making loans or otherwise committing resources to specific
companies, industries or countries. Unforeseen events affecting
such borrowers, industries or countries could have a material
adverse effect on the Bank's financial results, businesses,
financial condition or liquidity. These and other factors may cause
the Bank's actual performance to differ materially from that
contemplated by forward-looking statements. For more information,
see the "Risk Management" section starting on page 60 of the Bank's
2016 Annual Report.
Material economic assumptions underlying the forward-looking
statements contained in this document are set out in the 2016
Annual Report under the heading "Overview – Outlook," as updated by
quarterly reports; and for each business segment "Outlook". The
"Outlook" sections are based on the Bank's views and the actual
outcome is uncertain. Readers should consider the above-noted
factors when reviewing these sections.
The preceding list of factors is not exhaustive of all possible
risk factors and other factors could also adversely affect the
Bank's results. When relying on forward-looking statements to make
decisions with respect to the Bank and its securities, investors
and others should carefully consider the preceding factors, other
uncertainties and potential events. The Bank does not undertake to
update any forward-looking statements, whether written or oral,
that may be made from time to time by or on its behalf.
SOURCE Scotiabank