Scotiabank courts wealthy investors with new partnerships and portfolio management tool — SkimNews
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- Scotiabank launched Scotia Global Intelligence, a new platform that lets ultra-high-net-worth clients aggregate accounts held across multiple financial institutions, built in partnership with financial technology company Addepar.
- Scotiabank also partnered with Marsh (formerly Mercer) to offer guidance on client investments outside Canada, particularly alternative assets; Marsh's investment arm advises on $16-trillion in assets for clients including sovereign wealth funds and family offices.
- Scotiabank chief investment officer Andy Nasr said the partnerships give the bank's advisers access to institutional-quality investment guidance typically reserved for large institutions.
- Scotiabank has climbed from sixth to third in Canadian mutual fund sales by integrating its previously siloed wealth management division into its retail banking operation.
- The bank is targeting clients with $10-million or more in assets, who can be cross-sold estate planning, tax planning and investment advice — boosting per-client fee income in a capital-light business line.
Why it matters: Wealth management is prized across banking because it requires far less capital than commercial lending and generates sticky fee income that rises with asset prices; Scotiabank's move from sixth to third in mutual fund sales shows the retail-integration bet is paying off, and the new partnerships are designed to extend that momentum into the $10-million-plus segment where per-client fee pools are far larger.
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