Macquarie Private Wealth intends to double the size of its operations in Canada to C$16 billion in assets (around $15.5 billion) in the next three years and add nearly 100 financial advisors, senior executives say, according to a report by Reuters.

Macquarie Group's  Canadian wealth management operations started at the beginning of January this year, as a result of the Australian bank’s acquisition of Blackmont Capital from CI Financial late in 2009. The deal is expected to boost the clients of Macquarie’s wealth arm: according to the Australian bank’s annual report, its private banking arm has a total of 197,000 clients worldwide, as at the end of 2009.

Canada’s banks have – in contrast to those of the US – been relatively unscathed by the global financial crisis. The robust state of the Canadian economy also highlights the country as a relatively attractive market for wealth management. Australia, like Canada, has also benefited in recent years from the boom in global commodities.

The Canadian wealth unit's goal was to hire 20 high-quality advisors in its first year, but it has already added 25 in the first six months, for a total of 155, chief executive Bruce Kagan and president Earl Evans told the news service.

Macquarie had expected roughly five individuals to leave after the acquisition, but that didn't happen, said Evans.

"The attrition's been zero, and the net inflow's been 25 and I think that's a testament to the offering that we give - that true global firm, size of the banks, but an independent, boutique feel, and that, I think, is our core strength,” Evans was quoted as saying.

Evans said Macquarie Private Wealth, despite its parent's deep pockets, is not looking to build its assets through acquisitions, though "you never say never."