Bank of Nova Scotia Friday announced the expansion of its institutional asset management business, acquiring the remaining 40% of Aurion Capital Management shares that were owned by Aurion Capital employees.

The transaction is subject to regulatory approvals. Terms are not material to Scotiabank (TSX: BNS) and were not disclosed.

Founded in 1996, Aurion Capital is an investment management firm originally focused on institutional investors, but now also private client and sub-advisory mandates. It has $6 billion in assets under management and advises on $4.7 billion of assets in a fiduciary investment management mandate.

In February 2011, Scotiabank acquired majority ownership of Aurion Capital through the bank’s acquisition of DundeeWealth Inc. DundeeWealth had acquired a 60% stake in Aurion Capital in July 2008.

“Consolidating our position in Aurion Capital represents an important step as we execute our strategy to grow meaningfully in the institutional space by leveraging our platform, investment talent and international reach,” said Robin Lacey, Managing Director and Head, Global Institutional Asset Management.