Bank of Nova Scotia announced it is acquiring New Orleans-based energy boutique Howard Weil Inc. Terms were not disclosed.
Howard Weil is an investment boutique firm focusing solely on the energy sector. Howard Weil provides equity research, institutional sales and trading as well as investment banking services. The research team consists of thirteen professionals who cover 115 energy companies including major integrated oils, exploration and production, oilfield services, independent refiners and coal producers.
Operating out of New Orleans and Houston, Howard Weil will add to Scotiabank’s energy investment banking business through its Scotia Waterous division. Scotia Waterous already has offices in Houston, London, Singapore and Hong Kong, and through these locations the firm has been able to source two-thirds of its energy deals from outside of Canada.