Scotiabank and Jarislowsky Fraser announced that Scotiabank will acquire Jarislowsky Fraser, one of Canada's leading independent investment firms with more than $40 billion in assets under management on behalf of institutional and high net worth clients. The combination of Jarislowsky Fraser and Scotiabank's asset management business creates the third‐largest Canadian active asset manager with $166 billion in assets under management. The transaction is expected to close in fiscal Q3 2018, subject to regulatory approvals.