Canada’s Scotiabank has entered into an agreement to acquire The WaterStreet Group, a multi
family office advisory firm. The acquisition is the bank’s entry into the ultra
high net worth arena.

"WaterStreet
will be the anchor for the expansion of an ultra high net worth service
offering within Scotiabank, providing us with the ability to immediately
service this growing segment of the Canadian market. We intend to continue to
add to our team of experts to meet the needs of our clients," Barbara
Mason, executive vice president of wealth management at Scotiabank said in a
statement.

The
WaterStreet brand will be maintained. The Ontario-based firm’s services include counseling on
taxation and compliance, as well as financial planning, financial reporting,
investments, risk management, strategic insurance and philanthropy, family
continuity, governance and administration.

WaterStreet
clients will have access to Scotiabank’s estate and trust services,
philanthropic advisory services and private banking.

The
terms of the transaction, which is subject to regulatory approval, were not
disclosed. The acquisition will be made by Scotiabank's broker affiliate,
Scotia Capital, and includes WaterStreet's registered advisor, WaterStreet
Family Capital Counsel.

Scotiabank
is the latest Canadian bank to target the UHNW market. Earlier this year Bank
of Montreal launched a private wealth group under BMO Harris Private Banking in
Canada that caters to families with at least C$25 million ($24.31 million) in
net worth.