Bank of Nova Scotia has completed the acquisition of MD Financial Management, a provider of financial services to Canadian physicians and their families, the bank announced Wednesday.
The addition of MD brings more than $49 billion in assets under management and administration to Scotiabank’s Wealth Management business, substantially enhancing its scale and ability to provide comprehensive wealth services to physicians across Canada, the bank says in a news release.
In tandem with the closing of the acquisition, Scotiabank and the Canadian Medical Association (CMA) have entered into a 10-year collaboration supporting philanthropic initiatives and programs for physicians and the communities they serve. The CMA will also exclusively promote MD and Scotiabank as the preferred providers of financial products and services to physicians and their families in Canada.
“We are very proud to be acquiring such a high-quality wealth management firm that has been dedicated to serving Canada’s physician community for decades” says Brian Porter, president and CEO at Scotiabank, in a statement. “The acquisition of MD adds significant scale to our wealth management business, as well as access to, and expertise in serving, one of Canada’s more affluent client segments.”