Quote of the week

"[People] don’t expect retirement to begin with social security and sit on the back deck in a lounge chair for the rest of their lives. This group really wants to remain active."

Jeff Cimini, head of personal retirement at Merrill Lynch

Weekly Poll

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Net income from global wealth management shot up 23.9 per cent at Scotiabank year-over-year to C$298 million ($289.9 million) for the quarter ended 30 April 2012. The comparison excludes acquisition related gains in Q2 2011.

Net income at the division fell 40 per cent year-over-year when acquisition effects aren’t excluded. In Q2 last year there was a one-time revaluation of Scotiabank’s 18 per cent investment in DundeeWealth, partly offset by integration and transaction costs in that period. (Scotiabank completed its acquisition of DundeeWealth in February 2011.)

Revenues at global wealth management rose 18.1 per cent year-over-year, again excluding acquisition-related gains in 2011, to C$905 million. Revenues at wealth management (excluding insurance) were C$764 million, compared to C$732 million a year earlier.

Assets under management in global wealth were C$109 billion at quarter-end, compared to C$106 billion at the end of the first quarter. Assets under administration were C$275 billion, compared to C$269 billion at the end of Q1.

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