Bank of Nova Scotia (TSX:BNS) has agreed to purchase family wealth advisory firmThe WaterStreet Group Inc. for an undisclosed amount.

The bank said Monday that the deal demonstrates its commitment to providing ultra high net worth clients and their families with a broad offering of services and solutions.

“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,” says Barbara Mason, executive vice president, wealth management, Canada, Scotiabank.

Burlington, Ont.-based WaterStreet is a multi family office advisory firm that provides comprehensive family office services to help affluent families preserve and grow their financial assets and family heritage.

The WaterStreet brand will be maintained and will continue to offer clients access to a choice of financial services that best suit the unique needs of its clients. The services provided include 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,” says Tim Cestnick, WaterStreet president. “These traits are key drivers for our success in helping families make wise decisions about their wealth and family heritage.”

Through the Scotia acquisition, WaterStreet clients will have access to an expanded suite of industry leading resources in areas such as estate & 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,” says Mason. “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.”

“Scotiabank’s commitment to serving affluent families with independent and objective solutions best suited to their needs and regardless of where those solutions originate, is truly unique in Canada, and is the reason we have chosen to partner with Scotiabank,” adds Cestnick.

The acquisition, which is subject to regulatory approval will be made by Scotiabank’s broker affiliate, Scotia Capital Inc., and include WaterStreet’s registered advisor, WaterStreet Family Capital Counsel Inc.

IE