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Scotiabank takes majority stake in Cayman asset manager Five Continents Financial

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Canada’s Scotiabank has announced the acquisition of a majority stake in Five Continents Financial, an asset management firm based in the Cayman Islands, on undisclosed terms.
Canada’s Scotiabank has announced the acquisition of a majority stake in Five Continents Financial, an asset management firm based in the Cayman Islands, on undisclosed terms.

‘Scotiabank is always looking for strategic growth opportunities,’ says Dan Wright, a senior vice-president for wealth management in Scotiabank’s international banking business. ‘We see significant opportunity for growth in the Caribbean and Central America, and this partnership in the Cayman Islands further demonstrates our commitment to growing and investing across the region.’

Founded in 1993 by co-managing directors Bill Messer and Scott Elphinstone, who remain minority shareholders, Five Continents has USD458.3m in assets under management. The firm’s discretionary asset management services are focused on managing conservative global investment portfolios for individuals, corporations, insurance companies, pension schemes, trusts and third-party investment funds. It also offers corporate services including offshore company incorporation, administration and custody.

 ‘Scotiabank has long been recognised as a leading player in the Caribbean and Central America, particularly in the Cayman Islands,’ Messer says.

Farried Sulliman, managing director of Scotiabank and Trust (Cayman Islands), adds: ‘Providing personalised solutions that help our customers meet their unique financial goals is what Scotiabank does best. This strategic investment is another example of how Scotiabank is changing and growing to serve our customers better.’

Scotiabank has been active in the Caribbean and Central America since 1889 and now claims to be the region’s leading bank, with operations or affiliates in 27 countries employing  12,117 employees and serving more than two million customers. With more than 69,000 employees, Scotiabank Group and its affiliates serve around 12.8 million customers in about 50 countries around the world and had more than USD509bn in assets at the end of January.

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