"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 in net worth.