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October 10, 2023

Scotiabank Global Wealth Management and Sun Life Capital Management announce strategic relationship in private assets

Unique relationship brings together two of Canada’s most prominent financial services firms

TORONTO, ON, October 10, 2023 – Scotiabank Global Wealth Management and Sun Life Capital Management (SLC Management) today announced plans to develop and provide private asset solutions to high-net-worth clients in the Canadian market through Scotia Global Asset Management. As part of the arrangement, SLC Management is committing to invest $100 million of seed capital for future funding opportunities.  

Scotiabank Global Wealth Management is the third-largest business of its kind in Canada, with $631 billion of AUA globally, as of July 31, 2023.1 Scotiabank Global Wealth Management has the largest Private Investment Counsel and Trust businesses and is ranked second by assets in the Canadian investment fund industry.2

SLC Management is a fixed income and alternatives asset manager with a global client base of 1300+ leading institutional investors, and manages $361 billion in assets, as of June 30, 2023.

“Once the domain of the most sophisticated institutional investors, private alternative investments have been increasingly sought after for their important role in enhancing portfolio diversification and risk-adjusted returns,” says Glen Gowland, Group Head, Global Wealth Management at Scotiabank. “Through this strategic relationship with SLC Management, we are pleased to extend our Scotia Private Asset Platform to deliver institutional-quality alternative strategies, paired with comprehensive wealth advice to meet the wide-ranging needs of our clients,” he adds.

“We are seeing an increase in the demand for alternatives from Canadian investors as they look to add new sources of yield and total return,” said Steve Peacher, President, SLC Management. “We’re delighted to be partnering with Scotia Global Asset Management, which will allow us to extend our set of world-class alternative investment capabilities to new clients and expands the roster of investment solutions that Scotiabank can offer to the Canadian wealth management market.”

With the growing demand among institutional and high-net-worth investors for private assets in Canada, the relationship with SLC Management leverages its affiliate investment managers, who have deep, global expertise in key alternative markets:

  • BGO – Private real estate – BGO is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services, managing $83 billion USD of assets under management for over 750 institutional clients, as of June 30, 2023.
  • Crescent Capital Private credit – Crescent is a global credit investment manager with more than 30 years of experience in below investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, as well as private senior, unitranche and junior debt securities. Crescent has assets and commitments under management of approximately $40 billion USD as of June 30, 2023.
  • InfraRed Capital Partners – Private infrastructure – InfraRed is an international infrastructure investment manager, managing equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed has completed more than 300 infrastructure transactions and has over $14 billion USD of infrastructure equity under management as of June 30, 2023.

1Assets Under Administration (AUA): Assets administered by the Bank which are beneficially owned by clients and therefore not reported on the Bank’s Consolidated Statement of Financial Position. Services provided for AUA are of an administrative nature, such as trusteeship, custodial, safekeeping, income collection and distribution, securities trade settlements, customer reporting, and other similar services.

2 2022 Scotiabank Annual Report

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which any offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such jurisdiction.

About Scotiabank Global Wealth Management
Scotiabank Global Wealth Management is focused on delivering comprehensive wealth management advice and solutions to clients across Scotiabank’s footprint. Scotia Wealth Management® consists of a range of financial services provided by The Bank of Nova Scotia (Scotiabank®); The Bank of Nova Scotia Trust Company (Scotiatrust®); Private Investment Counsel, a service of Scotia Global Asset Management; 1832 Asset Management U.S. Inc.; Scotia Wealth Insurance Services Inc.; and ScotiaMcLeod®, a division of Scotia Capital Inc. Scotia Global Asset Management is the business name of 1832 Asset Management L.P., a limited partnership, the general partner of which is wholly owned by The Bank of Nova Scotia (Scotiabank). Scotia Global Asset Management offers a range of wealth management solutions, including mutual funds, ETFs, and investment solutions for private clients, institutions, and managed asset programs.

About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success 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 over 90,000 employees and assets of approximately $1.4 trillion (as at July 31, 2023), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on X @Scotiabank.

About SLC Management

SLC Management is a global institutional asset manager that offers institutional investors traditional, alternative and yield-orientated investment solutions across public and private fixed income markets, as well as global real estate equity and debt. SLC Management is the brand name for the institutional asset management business of Sun Life Financial Inc. under which the entities of Sun Life Capital Management (U.S.) LLC in the United States, and Sun Life Capital Management (Canada) Inc. in Canada operate. These entities are also referred to as SLC Fixed Income and represent the investment grade public and private fixed income strategies of SLC Management.

BGO, InfraRed Capital Partners (InfraRed), Crescent Capital Group (Crescent) and Advisors Asset Management (AAM) are also part of SLC Management. BGO is a leading, global real estate investment management advisor and a globally recognized provider of real estate services. InfraRed is an international investment manager focused on infrastructure, managing equity capital in multiple private and listed funds, primarily for institutional investors across the globe. Crescent is a global alternative credit investment asset manager registered with the U.S. Securities and Exchange Commission as an investment adviser. Crescent provides private credit financing (including senior, unitranche and junior debt) to middle-market companies in the U.S. and Europe and invests in high-yield bonds and broadly syndicated loans. AAM is an independent U.S. retail distribution firm that provides a range of solutions and products to financial advisors at wirehouses, registered investment advisors and independent broker-dealers. 

As of June 30, 2023, SLC Management has assets under management of C$361 billion (US$273 billion) and AAM represents an additional approximately C$50 billion (US$37) billion in assets under administration.

 

SLC-20231005-3118783

For more information, please visit slcmanagement.com

 

For media enquiries, please contact:

Alex Mathias

Global Wealth Management Communications, Scotiabank

alexandra.mathias@scotiabank.com

647-537-8036

 

Hannah Stewart

Director, Media Relations & Communications, SLC Management

hannah.stewart@slcmanagement.com

646-761-6344

About SLC Management

SLC Management is the brand name for the institutional asset management business of Sun Life Financial Inc. (“Sun Life”) under which Sun Life Capital Management (U.S.) LLC in the United States, and Sun Life Capital Management (Canada) Inc. in Canada operate.

Sun Life Capital Management (Canada) Inc. is a Canadian registered portfolio manager, investment fund manager, exempt market dealer and in Ontario, a commodity trading manager. Sun Life Capital Management (U.S.) LLC is registered with the U.S. Securities and Exchange Commission as an investment adviser and is also a Commodity Trading Advisor and Commodity Pool Operator registered with the Commodity Futures Trading Commission under the Commodity Exchange Act and Members of the National Futures Association.

BentallGreenOak, InfraRed Capital Partners (InfraRed), Crescent Capital Group (Crescent), and Advisors Asset Management are also part of SLC Management.

BentallGreenOak is a global real estate investment management advisor and a provider of real estate services. In the U.S., real estate mandates are offered by BentallGreenOak (U.S.) Limited Partnership, who is registered with the SEC as an investment adviser, or Sun Life Institutional Distributors (U.S.) LLC, an SEC registered broker-dealer and a member of the Financial Industry Regulatory Authority (“FINRA”) . In Canada, real estate mandates are offered by BentallGreenOak (Canada) Limited Partnership, BGO Capital (Canada) Inc. or Sun Life Capital Management (Canada) Inc. BGO Capital (Canada) Inc. is a Canadian registered portfolio manager and exempt market dealer and is registered as an investment fund manager in British Columbia, Ontario and Quebec.

InfraRed Capital Partners is an international investment manager focused on infrastructure. Operating worldwide, InfraRed manages equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed Capital Partners Ltd. is authorized and regulated in the UK by the Financial Conduct Authority.

Crescent Capital Group is a global alternative credit investment asset manager registered with the U.S. Securities and Exchange Commission as an investment adviser. Crescent provides private credit financing (including senior, unitranche and junior debt) to middle-market companies in the U.S. and Europe, and invests in high-yield bonds and broadly syndicated loans.

Securities will only be offered and sold in compliance with applicable securities laws.

AAM is an independent U.S. retail distribution firm that provides a range of solutions and products to financial advisors at wirehouses, registered investment advisors and independent broker-dealers.

Website content

The content of this website is intended for institutional investors only. It is not for retail use or distribution to individual investors. All investments involve risk including the possible loss of capital. All asset classes have associated risks. Certain asset classes are speculative, can include a high degree of risk and are suitable only for long-term investment. Further information available upon request. This website is for informational and educational purposes only. Past performance is not a guarantee of future results.

The information contained in this website is not intended to provide specific financial, tax, investment, insurance, legal or accounting advice and should not be relied upon and does not constitute a specific offer to buy and/or sell securities, insurance or investment services. Investors should consult with their professional advisors before acting upon any information contained on this website. The assets under management (AUM) represent the combined AUM of Sun Life Capital Management (Canada) Inc., Sun Life Capital Management (U.S) LLC, BentallGreenOak, Crescent Capital Group, InfraRed Capital Partners, and Advisors Asset Management.

AUM as of March 31, 2025. Total firm AUM includes approximately $8B in cash, other, unfunded commitments, and Advisors Asset Management equity. Total firm AUM excludes $11 billion in assets under administration by AAM.

Currency conversion rate: USD $1.00 CAD $1.4387 as of March 31, 2025.

SLC Management Newsroom: SLC-20221101-2566004

UK Tax Strategy - InfraRed (UK) Holdco 2020 Limited

InfraRed (UK) Holdco 2020 Ltd is the UK holding company of InfraRed Partners LLP and a subsidiary of Sun Life (U.S.) Holdco 2020 Inc, which has its headquarters in the U.S. The company was incorporated to purchase InfraRed Partners LLP and acts solely as a passive holding company. The Tax Strategy for the InfraRed Holdco Group sets out our approach to the management of InfraRed Holdco Group UK tax affairs in supporting business activities in the UK. 

This UK tax strategy is published in accordance with the requirements set out in Schedule 19 of Finance Act 2016. The strategy, which has been approved by the Board of Directors of InfraRed (UK) Holdco 2020 Ltd, is effective for the period ending 31 December 2024. It applies to InfraRed (UK) Holdco 2020 Ltd and its dormant subsidiary Sun Life (UK) Designated Member Ltd, referred to as the “InfraRed Holdco Group”. InfraRed Holdco Group.