The Successful Investor, in its November, 2018, issue, refreshes its buy of Bank of Nova Scotia, recently $74. The Investor said buy 34 times from March, 1996, to August, 2018, at prices ranging from $30 to $82 (the stock split 2 for 1 on Feb. 10, 1998, and again on April 2, 2004). Assuming an investment of $1,000 for each of the 34 buys, the $34,000 position would now be worth $75,258. Scotiabank is continuing to expand its wealth management business, which supplies 12 per cent of its total earnings. The bank recently completed its acquisition of MD Financial Management, which provides wealth management services to Canadian medical doctors and their families. This business has $49-billion in assets under administration. To put that into context, Scotiabank had $483.2-billion of assets under administration at July 31, 2018. The bank paid $2.6-billion for the MD purchase; it financed the transaction with a $1.7-billion financing of 22.7 million shares at $76.15 per share. Scotiabank has also entered a 10-year agreement with the Canadian Medical Association to sell more of its services to MD Financial's clientele. Buy Scotiabank.
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