Bank of Nova Scotia has made global wealth management (GWM) a formal business line.

The new unit, first announced in May and launched officially on Friday, is led by industry veteran Glen Gowland, who brings more than 25 years of investment management and banking experience to the role.

In a release, Scotiabank said its wealth management business has seen double-digit asset growth over the past few years, making a strong contribution to bank earnings.

Scotiabank’s 2018 acquisitions of Jarislowsky Fraser Limited and MD Financial Management have contributed to the growth.

In a statement, Gowland said the GWM line plans to “leverage Scotiabank’s footprint to realize opportunities in key markets outside Canada.”

“We have seen tremendous growth throughout our wealth management business,” Gowland said. “We’ve made significant investments to add new capabilities and provide more services for our clients and they, in turn, have entrusted us with more of their business.”