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Scotiabank shuffles key executives as it looks to boost wealth-management division

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The Bank of Nova Scotia’s leadership reorganization comes as Canada’s major banks look to boost their wealth-management divisions.

Fred Lum/The Globe and Mail

Bank of Nova Scotia is shuffling key executives within its wealth management business, including the appointment of a new leader at the bank’s investment brokerage, ScotiaMcLeod Inc., as it ramps up its focus on the lucrative high-net-worth investor segment.

Todd Barnes has been appointed as senior vice-president, managing director and head of ScotiaMcLeod Inc., the brokerage division of Canada’s third-largest bank, according to an internal memo obtained by The Globe and Mail.

Mr. Barnes, who has been with the bank since 2010 and most recently was managing director at Scotia Wealth Management, is taking over for Craig Gilchrist, effective Sept. 1. At the same time, Mr. Gilchrist has been named vice-chairman and head of Scotiabank’s Global Family Office Group.

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Both Mr. Barnes and Mr. Gilchrist could not be reached for comment.

The leadership change comes just two years after Mr. Gilchrist took the reins at the brokerage division from Rob Djurfeldt, who departed the company after 28 years.

Mr. Gilchrist has been with the bank for more than a decade, and prior to leading ScotiaMcLeod was the chief investment officer for Scotia Wealth Management, and co-head of Scotiabank’s global equity sales and trading.

Scotia’s leadership reorganization comes as Canada’s major banks look to boost their wealth-management divisions. For much of the past decade, Big Six banks have benefited from a lending boom. However, many of these institutions have referred to the current era as the decade of wealth. In 2018, the bank dug deep to purchase Montreal-based Jarislowsky Fraser for $950-million, an investment management company that caters to institutional investors and high-net-worth families.

In his new role, Mr. Gilchrist will have a greater focus on relationship development with high-net-worth clients internationally, he said in a LinkedIn post announcing his new role.

Mr. Gilchrist’s appointment coincides with the departure of Peter Slan, vice-chairman and head of global strategic client group at Scotiabank.

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