Scotiabank buys WaterStreet Group

Scotiabank today announced an agreement to purchase The WaterStreet Group Inc., a multi-family office based in Burlington, Ontario.

“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,” said Barbara Mason, executive vice-president, Wealth Management, Canada, Scotiabank. “We intend to continue to add to our team of experts to meet the needs of our clients.”

For the past two years, WaterStreet has been named the “No.1 Family Office Services Firm in Canada” by Euromoney, and Scotia says the WaterStreet brand will be maintained.

WaterStreet provides counselling on taxation and compliance, as well as financial planning, detailed financial reporting, investments, risk management, strategic insurance and philanthropy, family continuity, governance and administration.

“At WaterStreet, we have always emphasized the importance of providing our clients with unbiased advice in a multi-disciplinary manner, at a sophisticated level,” said Tim Cestnick, president and CEO of WaterStreet. “These traits are key drivers for our success in helping families make wise decisions about their wealth and family heritage.”

With the acquisition by Scotia, the service offering will expand to include access to estate and trust services, philanthropic advisory services and private banking.

“WaterStreet and Scotiabank bring together the components of an ultra high net worth business unlike any other single business in Canada,” Mason says. “While there are a number of different types of ultra high net worth businesses in Canada, these businesses typically specialize in one aspect of wealth management, while we now have a truly integrated offering.”

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

(10/25/10)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.