Scotiabank acquires Howard Weil Talent pool, resources aligned

Toronto-based Scotiabank said April 18 that it has closed the acquisition by Scotia Capital Inc. of Howard Weil Incorporated, a privately held, US energy investment boutique with major offices in New Orleans and Houston. Terms of the transaction were not disclosed.

Howard Weil is perhaps best known for its annual investor conference held in New Orleans for the past 40 years. Invitations to present at the Howard Weil Energy Conference are highly coveted.

"Strategically, this acquisition aligns Howard Weil's talent pool with Scotiabank's resources in corporate banking, institutional equity, and oil and gas mergers and acquisitions," said Mike Durland, Scotiabank Group Head, Global Capital Markets and Co-CEO of global banking and markets. "Howard Weil not only expands Scotiabank's product footprint in the energy sector, but also grows our dedicated equity sales, trading and research capabilities in the US."

Established in 1946, Howard Weil focuses exclusively on the energy industry, providing equity research, institutional sales and trading, as well as investment banking services.

"Scotiabank's equities strategy focuses on global growth initiatives where we have deep sector expertise or an ability to leverage our organizational and geographic presence," said Patrick Burke, Scotiabank managing director of global banking and markets and head of equity. "The Howard Weil transaction embraces both of these qualities, with industry leading insights and a unique perspective on the US energy sector."

Howard Weil is recognized as one of the top boutiques and regional firms in the energy industry, and provides research coverage on about 115 corporate clients, primarily in the US.

"Scotiabank's commitment to providing the highest level of service to energy clients is strategically reinforced by this transaction, and our ability to provide a seamless energy platform is strengthened," said Adam Waterous, vice-chairman, head of Scotiabank global investment banking, and president and head of Scotia Waterous.

"Together we can now provide research coverage on over 220 energy companies, while offering clients an enhanced suite of product and execution services on a global platform."

More about Scotiabank

Scotiabank has offices in Toronto, Calgary, Houston, New York, London, Asia, and Latin America. It is a major player in the energy sector with a team of experienced professionals involved in all facets of the industry, including exploration and production companies, oil-field services companies, pipelines, midstream, specialty chemicals, and refining.

The transaction will combine Scotiabank's capabilities in mergers and acquisitions, equity underwriting, corporate lending, and hedging with Howard Weil's strong US equity sales, trading, and research capabilities.

Scotiabank consolidated its wholesale financial services brands in January 2012. All global wholesale financial services are now offered under the Scotiabank brand to better capitalize on the bank's international reputation. Scotia Capital, ScotiaMocatta and Scotia Waterous operations have been rebranded to Scotiabank, and the bank's overall wholesale financial services business line is now known as Global Banking and Markets.

With more than 77,000 employees, Scotiabank and its affiliates serve some 19 million customers in more than 55 countries around the world with a broad range of products and services, including personal, commercial, corporate, and investment banking.

Scotiabank trades on the Toronto (BNS) and New York stock exchanges (BNS) and has assets of approximately $637 billion.