Archive for July, 2015

St James’ Place swoops on Rowan Dartington

St James’ Place has bought out Bristol private client broker and asset manager Rowan Dartington for £34 million, describing the company as an ‘excellent platform’ for further growth.

‘St James’s Place has been looking at providing a discretionary fund management service for some time,’ the company noted in a statement.The company will pay £19 million of the total as an upfront payment, with a further £15 million subject to performance measurement.

At the opening bell, shares in SJP were 0.63% in the red at 952p, off from a record high of 994p in April. 

‘The addition of a discretionary and advisory portfolio service, including advisory services, direct equity, trust and charity portfolio management is complementary to our own distinctive investment approach and broadens the range of investment options we can offer clients.’

The purchase, subject to regulatory approval, will add around £1 billion in assets under management to the company’s current total of £55.5 billion at the end of June.

Rowan Dartington currently employs around 100 people, including 31 investment managers, across a network of 10 regional offices. In addition to private client asset management, it also offers equity advisory and charity management.

The company was rocked by the departure in 2013 of co-founder and head of business development Andrew Morris, alongside a number of key investment and research staff, to launch Alpha Portfolio.

It has also struggled in recent years with management problems, and was fined more than £500,000 in 2010 after a £1.4 million blackhole was discovered on its balance sheet. The group subsequently wrote off £1.1 million in missing money.

The purchase was reported in H1 results for SJP, in which it reported a dip in underlying profit before tax from £78.3 million to £72.9 million as the company was hit by a near-tripling in its Financial Services Compensation Scheme levy from £6.9 million to £20 million.   

‘Despite this significant cost, the sustained growth and maturity of our funds under management continues to provide growth in the underlying post tax cash result and the Board has declared a 20% increase in the interim dividend to 10.72p per share,’ the company added.

Clients added a net £2.7 billion in fund inflows over the first half. The total number of advisers in the business rose 4.7% over the six months while the number of partners rose 2.9%.   

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Wednesday, July 29th, 2015 EN No Comments

Brewin Dolphin names new London heads – Citywire

Brewin Dolphin has named Charlie Ferry and Paul Jones as co-heads of its London office.

Rupert Tyler, who previously headed the office, will continue to work as an investment manager and will now also serve as head of culture and diversity within the company.

Ferry was previously a divisional director at Brewin, which he joined in 2008 from Gerrard. Jones joined the company in 2013 to run its strategic change unit.

The London team has also been bolstered by the hire of Emma Cowley, who previously worked at Merrill Lynch International.

She joins as an investment manager working alongside divisional director Michael Butler.

Elsewhere, former Wealth Manager cover star and divisional director Dennis Phillips (pictured) has retired after three years at the firm’s Jersey branch.

Phillips joined Brewin in 2012 from Ashburton, where he spent 17 years as an investment director.

Prior to that he was head of investment at Banque Belge Asset Management in Guernsey.

Brewin has also recruited Mark Naughton, equity trading director from RBC on a temporary contract, and last month made hires for its Glasgow and Lincoln offices.

Alan Harvey was brought in as a financial planner in the Scottish branch, which has seen a number of departures this year, while James Scott joined as an investment manager in Lincoln.

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Tuesday, July 28th, 2015 EN No Comments

M&G lends Rathbones £20m to fund ‘medium-sized’ acquisition – Citywire

MG investments has given Rathbones a £20 million loan to help the firm fund a mid-sized acquisition.

Through the arrangement Rathbones will issue £20 million of 10-year subordinate notes (callable in year five) to MG.

The notes, which will count as Tier 2 Capital, have been made possible due to changes in regulatory capital rules as a result of CRD IV, which allows banks to add Tier 2 capital as a way of financing future growth.

The deal follows Rathbones purchase of Jupiter’s wealth arm and part of Deutsche Bank’s private client business last year.  

Rathbones finance director Paul Stockton told Wealth Manager: ‘The current interest rate environment is favourable for raising debt and this will give us the firepower for a medium-sized acquisition.

‘[Also] not many people realise we are a bank and we’ve had to be careful what instruments we use, but capital rules for banks are now much clearer.’  

He added: ‘This is a cost effective and capital efficient way of raising money and we chose MG because they have a good reputation in this space.’

Profit jump

The news was revealed in an interim update from Rathbones, which showed that in the six months to the end of June underlying profit rose by 27% from £29.3 million to £37.2 million, while pre-tax profit rose by 3.9% to £31.8 million.

However, Rathbones chief executive Philip Howell (pictured) admitted it was unclear how tax changes in the Summer Budget will impact his firm’s profitability.

‘The chancellor’s summer budget contained a number of changes to the UK tax rules, which could impact our post-tax earnings, including welcome reductions in the underlying rate of corporation tax, but also an unexpected banking surcharge on profits above £25 million and restrictions on the deductibility of amortisation of intangible assets.’ Howell told the market.

‘We will review the legislation enacting these changes, when it is available, in order to quantify their possible impact on our business.’

Other indicators showed total funds under management rose from £27.2 billion at the end of December to £28.3 billion, a rise of 4%.

Underlying income in its wealth arm, Rathbone Investment Management, jumped 17.6% to £106.8 billion mostly thanks to growth in funds under management, which rose to £25.6 billion.

Meanwhile it funds arm, Rathbones Unit Trust Managers, saw a decline in net inflows from £338 million in the corresponding period of last year to £107 million.

The firm increased its dividend by 10.5% to 21p on the back of the numbers.

Fee rationalisation

At the start of 2015 Rathbones introduced a ‘clean’ fee-only rate for new private clients and the firm has started the process of extending this to existing clients.

‘Our new tariff remains competitive and clients have welcomed the clarity and transparency. With effect from 1 July 2015, we are amending some fee schedules for some existing private clients in order to bring these more in line with the tariff for new clients,’ Howell said.

Rathbones also said the development of its private office was ‘progressing as planned’ and that some ‘key additions to this team in the second half of the year’.

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Tuesday, July 28th, 2015 EN No Comments

Rathbones’ inflows halve in H1 as investors retreat from funds – Investment Week

Rathbones Unit Trust Management has seen its inflows more than halve compared to last year, reflecting a trend for outflows in the industry as a whole.

The asset management arm of Rathbone Brothers has seen a drop in net inflows from £338m in 2014 to £107m in the first half of 2015, while redemptions were up to £335m from £205m the previous year.

Despite this, AUM in this part of the business continued to grow, up to £2.7bn from £2.5bn at the end of last year, and underlying operating income was up 37%.

However, the group said the inflows reflect “a relatively strong performance” when compared to an industry-wide trend for outflows across all the sectors in which it runs funds.

Meanwhile, its parent wealth manager Rathbone Brothers has seen ‘subdued’ organic growth in the first half of 2015, despite its assets under management gaining a boost from strategic acquisitions made last year. 

Last year the wealth manager bought Jupiter Asset Management’s private client and charity investment arms, which contributed new investment teams to the business.

Over the six months to 30 June, the group reported a 4% increase in total funds under management to £28.3bn, while underlying profit before tax jumped 27% to £37.2m.

However, in its latest set of results the group said organic growth was subdued in the first half of the year, representing an underlying annualised rate of just 2.8%, compared to 4.1% in 2014.

The statement said: “Organic growth in the first half of 2015 was subdued at £300m (2014: £400m), reflecting both the considerable uncertainty that surrounded the UK general election and a tendency for UK private clients in general to allocate more of their wealth to property in the current climate.

“As expected, our overall organic growth rate has been softened this year by recently-arrived teams whose priority is their existing clients rather than pursuing new business.

“In light of the size of acquisitions made in 2014, this has been a significant factor this half year. Adjusting for this, we estimate that the annualised net organic growth rate would be 3.2%.”

Rathbones continues to target future growth, and on 27 July it issued £20m of 10-year subordinated notes to MG to finance future growth in a “cost effective and capital-efficient manner”.

Philip Howell, chief executive of the wealth manager, said: “In a period when markets made little progress, we continued to grow both organically and through acquisition, adding a combined total net funds under management of £700m in the first half. The full benefit of 2014 acquisitions is reflected in our 2015 half year results.

“We will continue to invest in the skills and systems necessary to deliver our strategic plans and achieve our growth objectives. We face the future with cautious optimism.”

The group also noted it continues to develop its private office capability, announced back in February, and expects to make some key additions to this team in the second half of the year.

Rathones is also working on bringing fee structures for existing clients closer in line with the newly introduced ‘clean’, fee-only rates for new private clients, which came into effect this year.

The group said: “We expect that our revenue margin will increase by approximately 3bps on circa £12bn of existing funds under management for a full year.”

Looking ahead, the group pointed to geo-political risks which still pose a threat to the global economy, and expressed concerns over the impact of the changes announced in the latest Budget.

“The Chancellor’s summer budget contained a number of changes to the UK tax rules, which could impact our post-tax earnings, including welcome reductions in the underlying rate of corporation tax, but also an unexpected banking surcharge on profits above £25m and restrictions on the deductibility of amortisation of intangible assets.

“We will review the legislation enacting these changes, when it is available, in order to quantify their possible impact on our business.”

Rathbones’ interim dividend has been increased by 2p, to 21p fro 19p for the same period in 2014, and will be paid in 7 October.

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Tuesday, July 28th, 2015 EN No Comments

Centaur Asset Management Wins Award for "Best Open-Ended Litigation Fund …

Jul 27 2015

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DUBAI, UAE, July 27, 2015 /PRNewswire/Centaur Asset Management Ltd wins award for “Best Open-Ended Litigation Fund Manager” at the 2015 Alternative Investment Awards, which recognise and pay tribute to the best of the best and only the most groundbreaking, forward thinking and client-friendly businesses make the cut. This award follows multiple recent recognition awards to other Centaur Group companies.

(Logo: http://photos.prnewswire.com/prnh/20150128/727395)

The 2015 Alternative Investment Awards celebrate companies that have done truly amazing things to change the financial landscape and the way investors look at investing in everything from Litigation Funding, to property and natural resources based investments. A panel of independent judges of industry professionals selected the winners and short list nominees of the 2015 Alternative Investment Awards.

Commenting on the award, Franklin Connellan, Business Development Manager of Centaur Asset Management’s Dubai office said

We are proud to be recognised for this award which proves that Centaur is at the forefront of innovation when it comes to fund management and investments. This award is a testament to our on-going efforts toprove Centaurs fund management capabilities in alternative asset classes and across both well established and emerging jurisdictions.”

Centaur Asset Management Ltd is the ’boutique’ asset management and investment advisory division ofCentaur Holdings Ltd, providing investment solutions for individuals, advisors, fund sub-advisory clients and institutions.

The Centaur Asset Management investment team provides investment strategies, structuring, advice and ongoing management or advisory services with a specific focus on diversified asset classes and uncorrelated investment opportunities.

For more information, please visit http://www.centaurasset.com

Disclaimer

This press release is for information purposes only. No guarantee, representation, undertaking or warranty, express or implied, is given by Centaur and/or Centaur Asset Management and/or the Centaur Group and/or their respective directors, officers, partners, shareholders, members and/or service providers as to the accuracy or completeness of the information or opinions contained in this press release and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions.

This press release does not constitute and/or form any part of a prospectus, offer, invitation and/or solicitation for the sale of shares in Centaur Asset Management Ltd, nor should it be construed to constitute any investment, legal and/or tax advice. It should not be used and/or considered for the purpose of any offer to sell and/or solicitation to buy shares in any jurisdiction and/or in any circumstances in which such offer and/or solicitation is unlawful and/or not authorised. This press release is not aimed at persons who are residents of any country in which such an offer and/or solicitation is not authorised and/or to any person to whom it is unlawful to make any offer to sell and/or solicitation to buy shares in Centaur Asset Management Ltd.

About the Centaur Group
Centaur Holdings Ltd (“Centaur“), is a global investment holding company with interests, portfolio companies and investments in sectors ranging from asset management, wealth management, private equity, venture capital, mining and natural resources and agricultural investments. Centaur has offices in the UAE, UK, South Africa, Bermuda, Namibia, and USA.

Centaur Asset Management Ltd is the ’boutique’ asset management and investment advisory division of Centaur, providing investment solutions for individuals, advisors, fund sub-advisory clients and institutions.

The Centaur Asset Management investment team provides investment strategies, structuring, advice and ongoing management or advisory services with a specific focus on diversified asset classes and uncorrelated investment opportunities.

Centaur and its subsidiaries, portfolio companies and/or investments are collectively referred to as the ‘Centaur Group’ where applicable.

SOURCE Centaur Asset Management

© Press Release 2015


© Copyright Zawya. All Rights Reserved.


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Monday, July 27th, 2015 EN No Comments

Nippon Wealth Limited Opts for Wolters Kluwer Financial Services as It …

HONG KONG–(BUSINESS WIRE)–

Wolters
Kluwer Financial Services
has signed Nippon
Wealth Limited, a Restricted License Bank (NWB)
as a user of OneSumX.
The restricted license bank, based in Hong Kong and focused on Asia and
Japan, will specifically use the solution for anti-money
laundering (AML)
and regulatory
reporting
, as it establishes its operations.

OneSumX is a suite of solutions that connects governance, finance, risk,
and compliance, allowing for the multidisciplinary management of complex
risks and issues. The OneSumX
AML solution
, developed to provide firms with comprehensive
real-time monitoring of risks, presents real threats as they arise and
provides firms with the ability to address those risks in the most
efficient manner. The OneSumX
Regulatory Reporting solution
, meanwhile, uses a single source of
data to help ensure consistency, reconciliation and accuracy.

“We established NWB in August 2013 with a mission to provide clients
with comprehensive wealth management services. Notably, we recently
acquired approval from the Hong Kong Monetary Authority to establish a
restricted license bank. As we establish operations and as part of our
commitment to excellence, we have to ensure the highest standards in the
fields of AML and regulatory reporting. Accordingly, we chose a
technology provider which is vastly experienced in providing expertise
in these areas – Wolters Kluwer Financial Services,” said Mr. Ryutaro
Uehara, Chief Technology Officer at NWB.

Following the approval of NWB’s restricted banking license application
in April 2015, the firm plans to acquire Type 1 and Type 4 licenses from
the Securities and Futures Commission. Having commenced business in May
2015, NWB used the Wolters Kluwer Financial Services OneSumX solution
for regulatory reporting and AML oversight.

“Our Asia Pacific business is witnessing impressive growth, thanks to
our expertise and breadth of reach in the region. We are, of course,
delighted to be working with NWB at this important point in its
history,” commented Mr. Chris Puype, managing director for Asia
Pacific
at Wolters Kluwer Financial Services.

About Wolters Kluwer Financial Services

Wolters
Kluwer Financial Services
 provides customers worldwide with risk
management, compliance, finance and audit solutions that help them
successfully navigate regulatory complexity, optimize risk and financial
performance, and manage data to support critical decisions. With more
than 30 offices in 20 countries, our prominent brands include: AppOne®AuthenticWeb™Bankers
Systems®
, Capital
Changes
, CASH
Suite™
, GainsKeeper®,
NILS®,
OneSumX®TeamMate®,
Uniform
Forms™
VMP®
Mortgage Solutions
and Wiz®.
Wolters Kluwer Financial Services is part of Wolters
Kluwer
, which had 2013 annual revenues of €3.6 billion ($4.7
billion), employs 19,000 employees worldwide, and maintains operations
in over 170 countries across Europe, North America, Asia Pacific, and
Latin America. Wolters Kluwer is headquartered in Alphen aan den Rijn,
the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and
are included in the AEX and Euronext 100 indices.

About Nippon Wealth Limited, a Restricted Licence Bank (NWB)

Nippon
Wealth Limited
is a Hong Kong based restricted licence bank
dedicated to providing superior wealth management services for
individual investors. Nippon Wealth Limited is a wholly-owned subsidiary
of OJBC Co. Ltd. and an associate of Shinsei Bank. In terms of Tier-1
capital, Shinsei Bank is ranked 12th in Japan. In order to provide
customers with more comprehensive wealth management services, Nippon
Wealth Limited plans to acquire Type 1 and Type 4 licenses from the
Securities and Futures Commission.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150727005052/en/

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Monday, July 27th, 2015 EN No Comments

UBS Q2 Profit Climbs; Warns On Seasonal Impacts In Q3 – RTTNews

Swiss financial services giant UBS AG (UBS) reported Monday a significant increase in second-quarter earnings, benefited mainly by strong performance in Wealth Management and Global Asset Management businesses. Looking ahead, the company warned that seasonal impacts are likely to affect revenues and profits in the third quarter.

For the second quarter, net profit attributable to UBS shareholders surged 53 percent to 1.209 billion Swiss francs (around $1.26 billion) from 792 million Swiss francs in the prior year. Earnings per share were 0.32 franc, 52 percent higher than 0.21 franc in the prior year.

Adjusted profit before tax totaled 1.6 billion francs, with positive contributions from all divisions and regions, despite continued market and economic uncertainty.

Operating profit before tax was 1.759 billion francs, compared to prior year’s 1.218 billion francs.

Segment-wise, Wealth Management’s profit before tax climbed 113 percent from last year to 756 million francs, delivering its best second-quarter result since 2009. The results reflected an increase in recurring income, reflecting continued success in its strategic initiatives to grow loans and increase mandate penetration, as well as further pricing measures.

Wealth Management Americas’ profit before tax, meanwhile, declined 14 percent to $205 million, affected by higher charges for provisions for litigation, regulatory and similar matters and other provisions. Net new money was slightly negative, reflecting seasonal outflows associated with income tax payments.

Retail Corporate’s profit before tax grew 12 percent, and Global Asset Management’s profit climbed 24 percent, while that of Investment Bank fell 2 percent.

Total operating income improved 9 percent to 7.818 billion francs.

Net interest income for the quarter climbed 20 percent to 1.49 billion francs, net fee and commission income grew 3 percent to 4.409 billion francs and net trading income climbed 22 percent.

The company noted that industry-leading fully applied Basel III CET1 ratio went up 70 basis points to 14.4 percent, and fully applied Swiss SRB leverage ratio went up 10 basis points to 4.7 percent

Sergio Ermotti, Group CEO, said, “We maintained our momentum despite ongoing market challenges, and establishing UBS Switzerland AG was another major milestone in enhancing resolvability. We remain focused on building on our early mover advantage with a clear strategy, while increasing effectiveness and efficiency, and further investing for profitable growth.”

Looking ahead, the company said many of the underlying macroeconomic challenges and geopolitical issues remain and are unlikely to be resolved in the foreseeable future.

Further, UBS said it will establish a Group service company as a subsidiary of UBS Group AG in the third quarter, into which shared services and support functions will be transferred over the next several years.

UBS shares settled at 21.65 francs on Friday, down 0.23 percent.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

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Monday, July 27th, 2015 EN No Comments

Business Newsmaker: Alexander to open wealth management practice


Posted Jul. 26, 2015 at 2:01 AM


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Sunday, July 26th, 2015 EN No Comments

Announcing Flight 2 Freedom’s 3rd Edition in Pleasanton, CA

PLEASANTON, Calif., July 24, 2015 /PRNewswire/ —Blossom Wealth Management and Baker Botts partner with Barron’s Jewelers, Innovate Pleasanton and Oasis Livermore to host a multi-day summit aimed at expanding entrepreneurship.

The third iteration of the Flight to Freedom (F2F3) launches the evening of Wednesday, July 29th at Barron’s Jewelers in Dublin, California. The first night unites travelers from around the world as they share stories and make new friends in a glittering environment.

Photo – http://photos.prnewswire.com/prnh/20150723/240742

Photo – http://photos.prnewswire.com/prnh/20150723/240743

Innovate Pleasanton The biggest portion of F2F3 occurs at a stunning 33,000 sq. ft. accelerator on July 30th. Similar to years past, F2F3 is designed to enhance collaboration between the vibrant entrepreneurial communities in the Bay Area with other groups around the world. The F2F3 founders believe that the success of the region depends on open communication between academics, entrepreneurs, government officials, investors and other specialists. They create an incredible atmosphere designed to educate and inspire the attendees thereby enabling them to explore synergies and uncover opportunities.

Oasis Livermore On its gently sloping, south facing, 92+ acres, the Oasis supports innovation in clean food and energy production. It’s a place where diverse fields of science and expert minds come together to develop solutions for the world’s food and energy problems. It is also the location for the third day of F2F3. Attendees will hear from politicians, strategic corporate investors and experts from the national labs. They will also have the opportunity to expand on conversations begun earlier at F2F3 events.

Innovate Pleasanton The Mindful Wealth Retreat on August 1st closes out F2F3. Attendees will learn how to empower yourself with mindfulness practices that bring vitality and possibility into every aspect of your life and you’ll walk away with a renewed sense of competence, relaxation and an ability to see creative possibilities that have gone unnoticed in the past.

We would like to give a special thanks to our partners and sponsors for helping us make Flight 2 Freedom 3.0 special this year — Blossom Wealth Management, Baker Botts, Tesla Motors, Direct Lending Investments, Power To Be Found, Superformance, Irvington Capital, Wingman Retirement, Breakaway Funding, Agent International, VII Peaks Capital, Bon Affair, Claremont Lincoln University, Darioush, Simple Elegance Catering, Exclusive Resorts, Crowded Reality, Innovate Pleasanton, Mobinar, Benefunder, iGate, Merriman Capital, Magellan, NorCal Players Charities, Wine for Wheels, Barons Jewelers, Children’s Hospital Foundation, Hollywood Electrics, 6 Fifteen Cyclery, Follr, American Micro Detection Systems, Oasis Livermore, Dualstar Digital Wealth Clinic.

About Flight 2 Freedom
Flight to Freedom is designed to enhance collaboration between vibrant entrepreneurial communities in the United States and other groups from around the world. F2F ethos believes that the success of a region depends upon open communication between academics, entrepreneurs, government officials, financiers other specialists. The goal is to propel entrepreneurship in an efficient manner by pre-planning private meetings group introductions within the general F2F networking format. The “pay it forward” spirit at our events provides the foundation for lasting relationships where friends do business with friends. One should come to F2F3 to meet some of the most successful local people from the Bay Area and beyond. The rest will be flying in from dozens of states and several foreign countries.

Media Contact:
James E. Salter
(925) 833-9999
Email

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/announcing-flight-2-freedoms-3rd-edition-in-pleasanton-ca-300117945.html

SOURCE Blossom Wealth Management

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Saturday, July 25th, 2015 EN No Comments

ScotiaFunds(R) Announces Portfolio Advisor Change

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July 24, 2015 —

TORONTO, ON–(Marketwired – July 24, 2015) – ScotiaFunds, managed by 1832 Asset Management L.P. (the “Manager”), today announced a portfolio advisor change to Scotia U.S. Low Volatility Equity LP (the “Fund”).

Effective August 4, 2015, LSV Asset Management (“LSV”) will become portfolio advisor to the Fund, replacing the former advisor. Formed in 1994, LSV is a quantitative value equity manager providing active management for institutional investors through the application of proprietary investment models. LSV manages approximately $90 billion in value equity portfolios for approximately 350 clients as of March 31, 2015.

The Manager uses a portfolio advisor selection process that leverages the global research capabilities of investment management consultant, NT Global Advisors, Inc., a Northern Trust Corporation affiliate, in aiming to identify and evaluate best in class investment managers.

Earlier this month, the former portfolio advisor ceased servicing the Fund. The Manager assumed full portfolio advisor responsibility and will continue to do so until LSV’s appointment is effective.

ScotiaFunds are available through Scotia Securities Inc. and from other dealers and advisors, including ScotiaMcLeod and Scotia iTRADE, which are divisions of Scotia Capital Inc. Scotia Securities Inc. and Scotia Capital Inc. are wholly owned by The Bank of Nova Scotia. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. Mutual funds are not guaranteed or insured by the Canada Deposit Insurance Corporation or any other government deposit insurer, their values change frequently and past performance may not be repeated.

About 1832 Asset Management L.P.

1832 Asset Management L.P. offers a range of wealth management solutions, including mutual funds and investment solutions for private clients, institutional clients and managed asset programs. 1832 Asset Management L.P. is a limited partnership, the general partner of which is wholly owned by Scotiabank.

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 parts of Asia. We are dedicated to helping our 21 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 86,000 employees and assets of $837 billion (as at April 30, 2015), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank’s media releases using Marketwired. For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankNews.

For media enquiries only:

Devinder Lamsar
Public and Corporate Affairs
Scotiabank
(416) 933-1171
devinder.lamsar@scotiabank.com

Copyright @ Marketwire


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Saturday, July 25th, 2015 EN No Comments