Bank of Nova Scotia has partnered with Sun Life Financial Inc’s asset-management division, SLC Management, to provide affluent clients with access to private credit and other alternative investment opportunities, according to a report by Bloomberg.
The partnership means high-net-worth investors can access investments in real estate, private credit and infrastructure. As part of the tie-up, SLC Management, which has about CAD361bn ($264bn) in assets, is also committing to invest CAD100 million in seed capital for future funding opportunities.
The partnership is the latest example of banks pushing into the private credit market, following Wells Fargo & Co’s tie-up with Centerbridge Partners last month to launch a new $5bn private debt fund. Societe Generale also announced a partnership with Brookfield Asset Management Ltd recently, while Deutsche Bank AG has launched a new investment manager focused on private-credit opportunities.
