Bank of Nova Scotia said on Wednesday it will explore options to divest itself of some or all of its 37 percent stake in asset manager CI Financial "over time."Canada's No. 3 bank, which acquired the CI stake from insurer Sun Life Financial Inc in late 2008, said in a statement it would pursue partial or full monetization of the investment "in one, or a series of transactions."Scotiabank, which estimated the market value of the CI stake at C$3.8 billion ($3.48 billion), said there were no assurances that any transaction will be completed.Toronto-based CI is a diversified wealth management firm and one of Canada's largest investment fund companies. The firm that operates under banners such as CI Investments, United Financial, Assante Wealth Management and Stonegate Private Counsel had some C$97.3 billion ($89.22 billion) in assets under management as of April 30, 2014.
The Bank of Nova Scotia (the Bank) is a diversified financial institution. Shares of BNS traded higher by 0.2% or $0.12/share to $61.50. In the past year, the shares have traded as low as $52.05 and as high as $63.50. On average, 313753 shares of BNS exchange hands on a given day and today's volume is recorded at 203147.
CI Financial Corp. (CI) is a diversified wealth management and investment fund company. Shares of CIX fell by 0.47% or $-0.17/share to $36.13. In the past year, the shares have traded as low as $29.29 and as high as $37.00. On average, 210277 shares of CIX.TO exchange hands on a given day and today's volume is recorded at 108089.
Sun Life Financial Inc. (SLF Inc.) is an international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Shares of SLF fell by 0.55% or $-0.19/share to $34.52. In the past year, the shares have traded as low as $28.10 and as high as $36.33. On average, 215355 shares of SLF exchange hands on a given day and today's volume is recorded at 149210.
Sun Life Financial Inc. (SLF Inc.) is an international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Shares of SLF fell by 0.77% or $-0.29/share to $37.57. In the past year, the shares have traded as low as $29.17 and as high as $40.15. On average, 1114250 shares of SLF.TO exchange hands on a given day and today's volume is recorded at 867400.
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