Latest news with #ScotiaWealthManagement
Globe and Mail
23-05-2025
- Business
- Globe and Mail
Why this $1-billion money manager's faith in Nvidia remains intact
Money manager Greg Newman was optimistic about the markets when U.S. President Donald Trump was elected in November, but became more defensive when tariff talk started dominating headlines earlier this year. By the time Trump's 'Liberation Day' hit on April 2, Mr. Newman's portfolios had shifted to 55 to 60 per cent equities, down from 70 per cent at the start of the year. The remainder was in fixed income, including bonds and cash. 'I didn't think [Mr. Trump] would be as draconian with his tariffs as he started off being, so I was glad we were hedging,' says Mr. Newman, senior wealth advisor and portfolio manager with the Newman Group at Scotia Wealth Management in Toronto, who oversees about $1-billion in assets. Mr. Newman says he began to increase his equity holdings to about 65 per cent in recent weeks as the tariff rates eased, and he believes the markets could continue to recover later this year. 'We're still cautious,' he says. 'But I believe the outlook looks good over the next 18 months with deregulation and tax cuts [in the U.S., and] hopefully some tariff resolution.' His average portfolio was up 10.5 per cent over the past 12 months, as of May 12, and has seen an annualized return of 14.9 per cent over the past three years. The performance is based on total returns, net of fees. Asset allocation varies depending on a client's risk tolerance. The Globe spoke with Mr. Newman recently about what he's been buying and selling: Name three stocks you own today and why. Nvidia Corp. NVDA-Q, is a stock we started buying in 2019 at an average cost of US$11 a share, so we've done well. We trimmed some of it earlier this year when the DeepSeek news [about the competing Chinese AI company] came out. I thought maybe that was the game changer for Nvidia. After all, these are cyclical stocks; we don't want to own them forever. There is a time to part ways with them. However, once we started to see Nvidia's earnings reports and comments from [chief executive officer] Jensen Huang that DeepSeek helps Nvidia's long-term thesis, we started to nibble on more at the end of March. Turns out we were too soon, as the stock fell again, but we added more in April and again in early May, and it has recovered. From a risk-reward perspective, we think Nvidia has much more room to go due to the thirst for data and the build-out of AI. AltaGas Ltd. ALA-T, [the Calgary-based energy infrastructure company], is a stock we originally started buying in 2021 at around $20 a share. We've been adding steadily since, including in April and May, in the $35 to $37 range. The company has quality assets with many catalysts for growth related to natural gas getting offshore as the Trans Mountain expansion project ramps up. Its midstream business also benefits from tariffs as producers look to export offshore. We also see growth in the powering of data centres. The company has a solid balance sheet and pays a nice dividend that's expected to grow. Propel Holdings Inc. PRL-T, [a lending company under the MoneyKey, CreditFresh and Fora Credit brands] is a stock we started buying in 2024 around $24 a share and added to in recent weeks between $28 and $32. It's a subprime lender in the U.S., Canada and the U.K. About 90 per cent of its business is in the U.S. The Goldilocks scenario for subprime lenders like this one is where you have rising uncertainty and the economy weakens only marginally – and that's what we're seeing today. Propel just reported first-quarter earnings and beat nicely. You don't necessarily want to buy this if you think a recession is going to happen, but we think, at this point, there's a good chance that it won't in the U.S. We see a lot of growth for this business. It's a disruptive space where people can get loans they can't get through the bank. Name a stock you sold recently. Intact Financial Corp. IFC-T, the Canadian property and casualty insurance company, is a stock we've owned for about 15 years. We started buying it in the $50 a share range back then. I still like the company, but started to trim our position around $300 in March and April. It was getting more expensive on a price-to-growth basis. I also felt that investors were really crowding into perceived tariff-resilient plays like this at the time. I felt like it was getting over its skis. We trimmed about a quarter of our position. If the stock gets down to $260 or $270, we would consider buying more. This interview has been edited and condensed.
Hamilton Spectator
13-05-2025
- Business
- Hamilton Spectator
Scotiabank signs referral deal with ICICI Bank Canada for wealth management services
TORONTO - Scotiabank has signed a referral arrangement with the Canadian arm of India's ICICI Bank Ltd. for high-net-worth clients. Under the agreement, ICICI Bank Canada will have the opportunity to access Scotia Wealth Management services. ICICI Bank Canada is a full-service direct bank under Canada's Bank Act and has been serving its customers in Canada for 20 years. ICICI Bank Canada chief executive Himadar Maddipatla says the deal gives clients access to wealth management services through Scotia Wealth Management, in addition to the services it already offers itself, including banking, remittances to India and non-resident Indian services. Maddipatla says clients will benefit from the knowledge, experience and scale of the Scotia Wealth Management team. Alex Besharat, head of Canadian wealth management at Scotiabank, says the strategy emphasizes the bank's dedication to supporting the diversity of entrepreneurs and business owners across Canada. This report by The Canadian Press was first published May 13, 2025. Companies in this story: (TSX:BNS)
Winnipeg Free Press
13-05-2025
- Business
- Winnipeg Free Press
Scotiabank signs referral deal with ICICI Bank Canada for wealth management services
TORONTO – Scotiabank has signed a referral arrangement with the Canadian arm of India's ICICI Bank Ltd. for high-net-worth clients. Under the agreement, ICICI Bank Canada will have the opportunity to access Scotia Wealth Management services. ICICI Bank Canada is a full-service direct bank under Canada's Bank Act and has been serving its customers in Canada for 20 years. ICICI Bank Canada chief executive Himadar Maddipatla says the deal gives clients access to wealth management services through Scotia Wealth Management, in addition to the services it already offers itself, including banking, remittances to India and non-resident Indian services. Maddipatla says clients will benefit from the knowledge, experience and scale of the Scotia Wealth Management team. Alex Besharat, head of Canadian wealth management at Scotiabank, says the strategy emphasizes the bank's dedication to supporting the diversity of entrepreneurs and business owners across Canada. Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. This report by The Canadian Press was first published May 13, 2025. Companies in this story: (TSX:BNS)
Yahoo
13-05-2025
- Business
- Yahoo
Scotiabank signs referral deal with ICICI Bank Canada for wealth management services
TORONTO — Scotiabank has signed a referral arrangement with the Canadian arm of India's ICICI Bank Ltd. for high-net-worth clients. Under the agreement, ICICI Bank Canada will have the opportunity to access Scotia Wealth Management services. ICICI Bank Canada is a full-service direct bank under Canada's Bank Act and has been serving its customers in Canada for 20 years. ICICI Bank Canada chief executive Himadar Maddipatla says the deal gives clients access to wealth management services through Scotia Wealth Management, in addition to the services it already offers itself, including banking, remittances to India and non-resident Indian services. Maddipatla says clients will benefit from the knowledge, experience and scale of the Scotia Wealth Management team. Alex Besharat, head of Canadian wealth management at Scotiabank, says the strategy emphasizes the bank's dedication to supporting the diversity of entrepreneurs and business owners across Canada. This report by The Canadian Press was first published May 13, 2025. Companies in this story: (TSX:BNS) The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
13-05-2025
- Business
- Cision Canada
Scotia Wealth Management enters into an arrangement with ICICI Bank Canada to offer wealth management services to ICICI's high-net-worth clients Français
TORONTO , May 13, 2025 /CNW/ - Scotia Wealth Management, part of the Scotiabank group of companies, and ICICI Bank Canada, a wholly-owned subsidiary of ICICI Bank Limited (NYSE: IBN), a leading private sector bank in India, have entered into a referral arrangement. Through this arrangement, high-net-worth clients of ICICI Bank Canada will benefit from the opportunity to access Scotia Wealth Management solutions. ICICI Bank Canada currently offers banking services including account services, money transfers, and NRI referral services. "We are excited about this strategic relationship with ICICI Bank Canada, a trusted name with a strong client base within the South Asian community. We look forward to offering our Total Wealth planning solutions to their clients and extending our market reach into a key cultural segment in Canada," said Jacqui Allard, Group Head, Global Wealth Management, Scotiabank. "Scotia Wealth Management's unique team-based approach provides comprehensive advice, allowing us to better serve the diverse wealth needs of clients in Canada together." "We are delighted to embark on a strategic relationship with Scotia Wealth Management," said Himadar Maddipatla, President and CEO, ICICI Bank Canada. "Our clients value excellence and we are confident that with the knowledge, experience, and scale of the Scotia Wealth Management team and their 'Total Wealth' approach, our clients will benefit. Through this collaboration, clients of ICICI Bank Canada will have access to wealth management services through Scotia Wealth Management, in addition to receiving a comprehensive suite of solutions through ICICI Bank Canada, including Non-Resident Indian services, remittances to India and banking" "This strategy emphasizes our dedication to supporting the diversity of entrepreneurs, business owners, and wealth creators across Canada," said Alex Besharat, Executive Vice President and Head, Canadian Wealth Management, Scotiabank. "Together, we are committed to fostering growth and excellence for both organizations and the clients we serve." About Scotiabank Scotiabank's vision is to be our clients' most trusted financial partner and deliver sustainable, profitable growth. Guided by our purpose: "for every future," we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at January 31, 2025), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit and follow us on X @Scotiabank. To learn more about Scotia Wealth Management, please visit: About ICICI Bank Canada: ICICI Bank Canada is a wholly owned subsidiary of ICICI Bank Limited (NYSE: IBN), a leading private sector bank in India. ICICI Bank Limited's total assets stood at CAD 355.01 billion dollars on March 31, 2025. ICICI Bank Canada conducts business as a full-service direct bank under Canada's Bank Act. The bank has been serving its customers in Canada for 20 years, providing a host of products and services in the financial space. It offers products for both personal and business banking ranging from newcomer banking accounts, personal accounts, mortgages, remittance, business banking accounts, business Fx, small business loans, corporate banking among others. Visit to learn more.
