Scotiabank aims at increasing its wealth management division. In October 2008, BNS announced it would purchase Sun Life's 37.6% stake in CI Financial for C$2.3 billion. CI Financial is the 3rd largest fund manager in Canada in terms of AUM. BNS expects the deal to add 4 cents to this year's EPS.
BNS says the charge was due to trading and eroding values for investments; it lowered earnings by C$595 million for the period ending Oct. 31. The charge adds to the C$349 million in writedowns that BNS has taken since Q4 2007.