Scotiabank Partners with Sun Life to Offer Alternative Investments to Affluent Canadians
Scotiabank and Sun Life Financial Collaborate to Expand Investment Opportunities
Scotiabank has joined forces with Sun Life Financial’s SLC Management to provide affluent Canadian clients with access to a range of alternative investments. These offerings include real estate, private credit, and infrastructure. This collaboration aligns with the strategies of other financial giants, such as Wells Fargo, Societe Generale, and Deutsche Bank, who have also ventured into private-credit opportunities.
SLC Management Commits Seed Capital for Future Opportunities
As part of this partnership, SLC Management, which oversees a substantial C$361 billion ($264 billion) in assets, has committed C$100 million in seed capital for future investment opportunities. This initiative reflects Scotiabank CEO Scott Thomson’s intensified focus on the bank’s wealth-management business, which ranks as the third-largest in Canada with C$631 billion in assets under administration.
New Division Led by Jacqui Allard and Transition for Glen Gowland
Heading this new division will be Jacqui Allard, a recent addition to the Scotiabank team. Meanwhile, Glen Gowland, the current group head of global wealth management at Scotiabank, will transition to a vice-chair role. These changes demonstrate Scotiabank’s commitment to expanding its wealth management capabilities to better serve its high-net-worth clients.
Access to Private Alternative Investments
Scotiabank also announced that its high-net-worth clients can now access private alternative investments, such as real estate and infrastructure, through its partnership with Sun Life’s SLC Management. The private credit market is projected to reach $2.3 trillion globally by 2027, attracting Canadian investors seeking portfolio diversification and risk-adjusted returns.
Canadian Interest in Private Credit Market Grows
A survey conducted by Ninepoint Partners underscores the growing interest among Canadians in the private credit market. Both Scotiabank Global Wealth Management and SLC Management are significant players in the wealth management sector, overseeing assets worth C$631 billion and $361 billion respectively. With this collaboration, these financial institutions aim to meet the evolving needs of their clients and provide them with enhanced investment opportunities.
This article provides valuable insights into Scotiabank’s collaboration with Sun Life Financial’s SLC Management to offer alternative investments to affluent Canadians. It highlights the commitment of these financial institutions to meet the evolving needs of their clients and the growing interest among Canadians in private credit opportunities. The partnership aims to provide high-net-worth individuals with access to real estate, private credit, and infrastructure investments, thereby diversifying their portfolios and generating risk-adjusted returns.
