The Globe and Mail reports in its Wednesday edition that Bank of Nova Scotia is shuffling top executives in retail banking and wealth management and its expanded wealth business, boosted by acquisitions, will be established as a stand-alone division. The Globe's James Bradshaw writes that the bank's wealth-management results are currently reported as part of its Canadian banking arm but will formally become a separate business line, known as global wealth management, on Nov. 1. The change comes after the bank spent more than $3.5-billion last year buying a pair of wealth managers that specialize in serving institutional investors and doctors, respectively. Scotiabank acquired investment firm Jarislowsky Fraser for $950-million and spent $2.6-billion to buy MD Financial Management, as part of a string of acquisitions in Canada and abroad that cost $7-billion. The bank is still digesting those deals and Glen Gowland, who was appointed executive vice-president of global wealth management last June, has been in charge of integrating the two companies with the bank. Mr. Gowland will lead the new wealth-management division. Canadian banking head James O'Sullivan will leave his role on June 1, but remain as an adviser.
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