5 Top Picks to Surf on the Short-Term Relief From Trade Tensions Rally — Weekly Top Picks
Top Pick #2 : This bank recently acquired MD Financial
Bank of Nova Scotia
Rick Stuchberry, Portfolio manager at Wellington-Altus Private Wealth recommends Bank of Nova Scotia (BNS-T), “They’ve been punished more than their peers. They just acquired some top money managers and the street punished them. There’ll be a write-off this quarter, but long-term these additions will benefit BNS. Pays a great dividend and should be enough growth to perform well. Well-managed. “
The acquisition of MD Financial Management is an excellent value addition to the growth prospects of Bank of Nova Scotia. MD Financial Management provides investment management and financial planning services to physicians and their families in Canada. Access to this High Net Worth Individuals (HNWI) segment allows the bank to cross sell its banking products and services to the physicians.
Further, Scotiabank and Canadian Medical Association has entered into an agreement, that allows Bank of Nova Scotia to act as a preferred provider of financial products and services to physicians and their families in Canada.