Standard&Poor's today said National Bank of Canada's (National Bank; A/Stable/A-1) announced plans to acquire Altamira Investment Services Inc. (Altamira) will not affect the ratings or outlook on the bank. Altamira is a Toronto, Ont.-based no-load mutual fund company with nearly C$5.1 billion in assets under management. Standard&Poor's views this transaction as strategic, as it will double the size of National Bank's mutual fund operations, bringing total mutual fund assets under management to about C$10 billion. The Altamira brand, which is a well-recognized name in the Canadian market, will be maintained, and its distribution channels will complement those of National Bank. The deal, valued at around C$500 million, is expected to be transacted primarily with cash, and
