December 12, 2009
Thanks SD2013. I'd forgotten about Dundee Bank of Canada after its parent company, DundeeWealth, was sold to Scotiabank several years ago. With this renaming, in line with DundeeWealth's official rebranding and legal renaming on Oct. 31st, 2013 to HollisWealth (named for BNS' legal head office on Hollis St. in Halifax, Nova Scotia), as well as the transfer of assets under management and asset administration from GCIC Ltd to 1832 Asset Management LP (formerly Scotia Asset Management LP until Sept 30/2013; renamed to the year of BNS' founding in 1832 - sensing a theme here?), it likely means Scotia intends to keep Hollis Canadian Bank as a separate, wholly-owned subsidiary to hold the deposits sourced through their independent financial advisors that maintain relationships with HollisWealth.
Details on the DundeeWealth official renaming/rebranding to HollisWealth on Oct. 31/2013:
Details on the transfer of asset management administration business from GCIC Ltd to 1832 Asset Management LP, the new parent company of HollisWealth, ScotiaMcLeod, Scotia Capital and Scotia iTRADE, among others:
I could, however, see some of Scotia's other wholly-owned CDIC members, such as National Trust and Montreal Trust, merged into their rebranded Hollis Canadian Bank subsidiary - that would make complete sense.
I should also note that, even though they are losing the DundeeWealth moniker, the Dynamic Funds brand name remains a registered trademark of The Bank of Nova Scotia. As well, the websites of Dundee Bank of Canada, and presumably National Trust and Montreal Trust do as well, simply redirect to Scotia Advisor Deposit Services Network (http://ads.scotiabank.com/ - an odd acronym, as normally that'd be used for a website ad server, hehe), which is the umbrella branding for deposits sourced through deposit brokers and independent financial advisors and held with various Scotia legal entities. So, Hollis Canadian Bank remains as a legal entity only to hold deposits, not an operating company.
October 27, 2013
December 12, 2009
Thanks for the "hat tip", AltaRed.
This makes sense, actually. While offering the HISA through brokerage accounts and through their deposit brokers, using the Hollis name and trading symbol, since presumably the majority of their HISAs are through Hollis Canadian Bank, is logical.
I think you're right - and I completely agree - that the Dynamic Funds name & ticker symbols will continue to be used for the usual Dynamic brand of mutual funds, since Scotia continues to own this trademark.