The business line is part of the bank’s plan to grow in the wealth sector following the recent acquisitions of MD Financial Management and Jarislowsky Fraser.
Scotiabank aims to expand its wealth management segment across Canada and its key international markets.
According to its website, Scotiabank has operations in more than two dozen jurisdictions, worldwide.
The operation will be led by Glen Gowland, executive vice-president.
He has over 25 years of experience in investment management and joined Scotiabank in 2000.
“Glen has been delivering exceptionally well for Scotiabank and our wealth and banking clients for almost 20 years,” said Brian Porter, chief executive and president of Scotiabank.
“Under Glen’s leadership we have accelerated our wealth strategy and positioned our business for the next phase of growth.”