Jarislowsky, Fraser Limited Consolidation with 1832 Asset Management L.P.

Plan sponsors don’t need to take any immediate action as a result of this update.

Jarislowsky, Fraser Limited (“JFL”) announced that on November 1, 2025, its business and operations will be transferred to and consolidated into 1832 Asset Management L.P. (“1832 AM”.) 1832 AM is a subsidiary of Scotiabank and an affiliate of JFL.

Background

Scotiabank acquired JFL in 2018. Since the acquisition, Scotiabank has maintained the Jarislowsky Fraser brand and legacy in Canada under a consistent and independent investment process and philosophy. JFL has operated relatively autonomously from Scotiabank and its other asset management brands and investment teams since the acquisition. JFL and the other asset management affiliates fall under the umbrella of Scotia Global Asset Management (“Scotia GAM”).

In January 2024, JFL’s Executive Committee began to report to Neal Kerr, Head of Scotia GAM. This followed the departure of Maxime Menard, JFL’s President. According to Scotia GAM, this new reporting structure has allowed for increased integration of JFL’s operations and systems. 

Impact

1832 AM will replace JFL as trustee and manager of the Jarislowsky, Fraser Pooled Funds. As a result, all JFL client accounts were transferred to 1832 AM on November 1, 2025.  Plan sponsors with JFL funds in their line-up will continue to see the Jarislowsky Fraser brand name attached to their funds. The same JFL portfolio and investment management teams will continue to operate under the same investment philosophy, strategies and mandates.

Scotiabank will also be expanding the Jarislowsky Fraser name across its discretionary wealth management business in Canada. Jarislowsky Fraser Private Wealth and Scotia Private Investment Counsel businesses will merge under the business name Scotia Jarislowsky Fraser in Canada in 2026. This change does not apply to the Canadian institutional asset management business.

GRS Investment Solutions team view

We met with representatives from JFL and Neal Kerr, Head of Scotia GAM, in October 2025 to better understand the implications of the structural change. Scotia GAM believes that they can simplify their legal structure and operations by establishing 1832 AM as their registered brand with regulators. Scotiabank’s prior acquisitions, such as Dundee Wealth and Dynamic, are all part of Scotia GAM and are all registered under the 1832 AM entity. 1832 AM is not a client-servicing brand and that responsibility will remain with the JFL brand.

Scotia GAM does not anticipate a significant impact on JFL from this legal restructuring. JFL investment strategies are already offered across many of Scotia GAM’s investment affiliates and that will continue to expand.  JFL, in turn, may expand its range of investment capabilities and offerings through access to Scotia GAM’s other investment teams. Scotia GAM will continue to further integrate JFL trading, risk and portfolio management systems and operations with the rest of the organization.

Prior to this announcement, Scotia GAM had announced the merger of the JF Fixed Income team with Scotia GAM’s specialized credit team. Kerr indicated that this change was unique and is not an indication of further integration of JF’s investment teams with other Scotia GAM teams. For more information on this change, please see our prior communication.

We see no immediate concerns with this change, but will monitor any cascading impacts on personnel and investment teams arising from the transaction.