Scotiabank announced today that it is establishing Global Wealth Management (GWM) as a distinct business line, given its significant scale, double-digit asset growth over the last few years, and strong continued contribution to all-Bank earnings.
“Establishing Global Wealth Management as a distinct business line is a testament to its success and a reflection of the important role that the business will play in our growth strategy for years to come,” said Brian Porter, Scotiabank’s President and CEO.
GWM has been focused on building a scalable, client-focused business model as well as adding strategic acquisitions – Jarislowsky Fraser Limited and MD Financial Management – that bring new capabilities in key client segments. GWM expects to represent a larger portion of all-Bank earnings by leveraging its combined capabilities and partnerships.
“We have seen tremendous growth throughout our Wealth Management business. We’ve made significant investments to add new capabilities and provide more services for our clients and they, in turn, have entrusted us with more of their business. We are building on that momentum to expand and deepen our foundational businesses, increase our presence in new client segments, and leverage Scotiabank’s footprint to realize opportunities in key markets outside Canada,” said Glen Gowland, Executive Vice President, Global Wealth Management.
“I believe we are the best at what we do because of our passionate commitment to enriching our clients’ lives. We are focused on delivering all of our organization’s capabilities for the benefit of our clients,” added Glen.
