1832 Asset Management U.S. Inc.

• A percentage of assets under your management
• Performance-based fees

Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ

The brochure lists different fees for different services or strategies; see the brochure for them.

Minimum annual fee: $10,000

As stated in the firm's Form ADV Part 2A brochure dated August 20, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site

$1,427,489,393 as of October 2026, filing dated September 4, 2026.

A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means

A firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.

• Portfolio management for individuals and/or small businesses
• Portfolio management for investment companies (and business development companies)
• Portfolio management for businesses (other than small businesses) or institutional clients

Also doing business as

JARISLOWSKY FRASER GLOBAL INVESTMENT MANAGEMENT, PRIVATE INVESTMENT COUNSEL, SCOTIA GLOBAL ASSET MANAGEMENT, SCOTIA JARISLOWSKY FRASER, SCOTIA WEALTH MANAGEMENT

Registration

SEC-registered investment adviser. Status as filed: Approved.

Registered since

2002 (24 years)

Employees

Total: 251. Performing investment advisory functions: 113.

Wrap fee program participation

Yes.

Custodians (Schedule D, Section 5.K(3))

Scotiatrust · affiliated

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

Other offices (Schedule D, Section 1.F)

26 other offices, as of the October 2026 filing

Barrie, OntarioBurlington, OntarioCalgary, AlbertaEdmonton, AlbertaHalifax, Nova ScotiaKanata, OntarioKelowna, British ColumbiaLondon, OntarioMarkham, OntarioMississauga, OntarioMontreal, QuebecNew Glasgow, Nova ScotiaOakville, OntarioOttawa, OntarioSaint John, New BrunswickSaskatoon, SaskatchewanToronto, OntarioVancouver, British ColumbiaVaughan, OntarioVictoria, British ColumbiaWaterloo, OntarioWest Vancouver, British ColumbiaWestmount, QuebecWhitby, OntarioWhite Rock, British ColumbiaWinnipeg, Manitoba

States registered or notice-filed

39 states or jurisdictions

AZCACOCTDCDEFLGAHIILINLAMAMDMEMIMNMOMSMTNCNDNHNJNVNYOHORPAPRSCSDTNTXUTVAVIVTWA

SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration

7 Reports 7 disclosure items on Form ADV Item 11. View on IAPD.

Questions answered yes on this filing

Criminal matters Items 11.A and 11.B

• 11.A(2) In the past ten years, has the firm or an advisory affiliate been charged with a felony?

Regulatory matters Items 11.C to 11.G

• 11.C(1) Has the SEC or the CFTC ever found that the firm or an advisory affiliate made a false statement or omission?
• 11.C(2) Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
• 11.C(4) Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
• 11.C(5) Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
• 11.D(1) Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?
• 11.E(2) Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. What happened, and who was involved, is on the Disclosure Reporting Pages of the IAPD record. Reading a firm's disclosures

Regulatory assets under management: $664,211,962 in the October 2021 data and $1,427,489,393 in the October 2026 data, up 115%.

Total employees: 27 in October 2021 and 251 in October 2026.

As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.

1. October 2026
   • Item 11 disclosure answers changed: 7 yes answers, previously 6 (now yes: 11.E(2)).
2. June 2026
   • Registered or notice-filed in IN, ME, ND.
3. January 2026
   • Added the business name Scotia Jarislowsky Fraser.
   • Added the business name Scotia Global Asset Management.
   • Added the business name Jarislowsky Fraser Global Investment Management.
   • Employees performing advisory functions went from 77 to 113.
   • Regulatory assets under management went from $922,252,042 to $1,427,489,393 (+55%).
   • Added an office in Calgary, Alberta.
   • Added an office in Halifax, Nova Scotia.
   • Added an office in Montreal, Quebec.
   • Added an office in Toronto, Ontario.
   • Added an office in Vancouver, British Columbia.
   • Added an office in Westmount, Quebec.
   • Registered or notice-filed in DE, HI, MS, MT, VA.
4. December 2025
   • Item 11 disclosure answers changed: 6 yes answers, previously 5 (now yes: 11.D(1)).
   • Employees performing advisory functions went from 23 to 77.
5. November 2025
   • Changed its office addresses in Edmonton, Alberta.
   • Changed its office addresses in Toronto, Ontario.
   • Added an office in Barrie, Ontario.
   • Added an office in Burlington, Ontario.
   • Added an office in Kanata, Ontario.
   • Added an office in Kelowna, British Columbia.
   • Added an office in Markham, Ontario.
   • Added an office in Mississauga, Ontario.
   • Added an office in New Glasgow, Nova Scotia.
   • Added an office in Saint John, New Brunswick.
   • Added an office in Saskatoon, Saskatchewan.
   • Added an office in Victoria, British Columbia.
   • Added an office in Waterloo, Ontario.
   • Added an office in West Vancouver, British Columbia.
   • Added an office in Whitby, Ontario.
   • Added an office in White Rock, British Columbia.

Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.