The reorganization of the governance of the Bank of Nova Scotia comes as Canada’s major banks seek to strengthen their wealth management departments.

Fred Lum / The Globe and the Post

The Bank of Nova Scotia is mixing key executives within its wealth management business, including the appointment of a new head of the bank’s investment brokerage, ScotiaMcLeod Inc., while increasing its focus on the lucrative high net worth investing segment.

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

Mr. Barnes, who has been with the bank since 2010 and was most recently Managing Director at Scotia Wealth Management, will take over Craig Gilchrist effective September 1st. At the same time, Mr. Gilchrist was appointed 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 change in leadership comes just two years after Mr. Gilchrist took over the management of the brokerage department from Rob Djurfeldt, who left the company after 28 years.

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

The reorganization of Scotia’s governance comes as Canada’s major banks seek to strengthen their wealth management departments. For much of the last decade, Big Six banks have benefited from a credit boom. However, many of these institutions refer to the current era as the Decade of Wealth. In 2018, the bank dug deep to buy Montreal-based Jarislowsky Fraser, an investment firm aimed at institutional investors and wealthy families, for $ 950 million.

In his new role, Mr. Gilchrist will focus more on developing relationships with high net worth clients internationally, he said in a LinkedIn post announcing his new role.

The appointment of Mr. Gilchrist coincides with the departure of Peter Slan, Vice Chairman and Head of Scotiabank’s global strategic client group.

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