Scotiabank has announced plans to bring together several areas of the bank to improve its overall asset management operations and to grow its wealth management division.

“We have been growing consistently and convincingly and see this as an opportunity to further support our ability to drive organic growth,” said Glen Gowland, president and CEO, Scotia Asset Management.

Scotia Asset Management will bring together research, communications and product development operations currently spread across several business units.

The realignment of will bring ScotiaFunds, ScotiaMcLeod and Scotia Cassels together under one umbrella. The unified structure will also include Scotia Cassels’ investment management professionals.

“Asset Management” refers to the areas involved in the manufacture of investment vehicles, including mutual funds like ScotiaFunds, private client and institutional investment offerings and managed asset programs.

The change is subject to regulatory approval. It is not expected to directly impact client facing advisor and distribution functions.

Over the past two years, Scotia has been on a mission to boost its presence on the wealth management landscape.

In December 2008, the bank paid $2.3 billion to purchase Sun Life Financial’s 37% stake in CI Financial. This acquisition, along with its purchase of DundeeWealth’s banking operations in 2007, has made Scotia a major player in the wealth management arena.

At the start of the 2009, ScotiaFunds launched a line of managed portfolio program, Scotia INNOVA, designed for investors with a minimum portfolio of $50,000.

At the end of the first quarter of 2009, the bank announced that it had bought a controlling interest in Five Continents Financial Ltd., a global asset management firm in the Cayman Islands.

Amid its efforts to compete in the wealth management business, the bank has expanded its service offerings to become a fuller financial service provider.

In January 2008, it purchased online discount brokerage E*TRADE, and this year re-branded it as Scotia iTRADE.

And in February 2009, Scotia launched a new insurance brand, ScotiaLife Financial, offering comprehensive creditor, travel, life and health coverage.

(09/09/09)