Canadian Medical Association

The CMA’s sale of MD Financial Management (MD) to Scotiabank for $2.585 billion in October 2018 came after deep consideration of the association’s strategic plan and a thorough assessment of the external environment. Changes underway in the financial sector — from the increasing use of robo-advisors to cryptocurrencies and blockchain — required specialized expertise and extensive ongoing investment. Scotiabank offered the resources to respond to evolutions in the sector, and to ensure MD would continue growing and meeting the unique financial needs of physicians.

How the proceeds will be used

The CMA created CMA Investco Inc. to oversee the investment of the funds from the sale. This new entity is run by a board of directors with the investment expertise required to manage substantial assets effectively.

Returns from the invested funds will set up the CMA to support physicians and pursue its core advocacy and policy priorities long into the future.

The CMA is committed to connecting with members to help shape these priorities.

CMA sharpens its focus

The CMA is dedicated to supporting physicians in Canada.

The association is actively reaching out to members to identify what matters most to them and their patients. The CMA hosted Regional Member Forums in early 2019, to hear members' views on physician wellness and workforce planning. The CMA’s new community engagement platform was also developed as an ongoing engagement tool.

The CMA 2019 Annual General Meeting will include a report on the association’s future policy and advocacy plans, informed by the member feedback gathered through these initiatives.

Committed to physicians’ financial needs

MD has met physicians’ wealth management needs for over 50 years. MD will continue that legacy under Scotiabank’s ownership with a physician-centric suite of financial products and services built on MD’s deep expertise in supporting physicians and their families.

Investing in physicians and the communities they serve

The sale of MD to Scotiabank included a $115-million investment by Scotiabank over 10 years to support physicians in Canada and the communities they serve. Scotiabank and MD will work together with the CMA to support the medical profession and to advance better health in Canada. Physician wellness has been identified as the first target area and funding announcements are being made throughout 2019.

Have your say

Let us know what issues matter most to you. Join our online community engagement platform to connect with the CMA and other members and share your ideas for our advocacy and policy work.

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