Scotia Capital, a subsidiary of Toronto-based Scotiabank, has acquired select assets from UBS Energy, a subsidiary of Zurich, Switzerland-based bank UBS AG for an undisclosed price.

The assets include trading and analytical technology, Approximately 60 front, mid- and back office personnel will join Scotia Capital.

Scotia Capital global energy solutions managing director Matt Giffen says, “We are very pleased to have completed this acquisition of a preeminent energy trading platform. Having reviewed a host of other potential opportunities, it is clear the proprietary technology and professional staff acquired from UBS Energy are market leading in every respect. The platform positions us to better serve clients.”
Scotia Capital co-chief executive Mike Durland says, “Energy is a strategic focus for Scotia Capital and of increasing importance to our clients. We have longstanding lending relationships in this sector and the acquisition complements our current energy trading and loan capabilities.”

The transaction does not include any of UBS Energy’s trading books of business or regulatory licenses.

Scotia Capital offers lending, investment banking and capital markets products and services to corporate, government and institutional clients.