Scotiabank has agreed to sell Scotia Managed Companies Administration Inc. to Marquest Asset Management Inc.

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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.

Scotiabank (CNW Group/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.

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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

For further information: Scotiabank: For media enquiries only: Debra Chan, Global Communications, Scotiabank, (416) 866-6443, debra.chan@scotiabank.com; For investor enquiries only: Jake Lawrence, Investor Relations, Scotiabank, (416) 866-5712, jake.lawrence@scotiabank.com; Marquest: Robert Kidd, Chief Executive Officer, Marquest Asset Management Inc., (416) 367-4484, rkidd@marquest.ca