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Is Active Management a Bad Thing?
Last October, MD Financial announced that it was being taken over by Scotia Bank. So basically they are leveraging their relationship with Scotia Bank to produce annual investment fees by approximately $6 million. It's not surprising to see a bank kind of go vertically integrated to a greater scale on their products that are used in the MD pools. But like you said, it's no surprise. I mean, Scotia didn't pay that kind of multiple for MD assets without expecting some sort of synergies with their existing business.