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Peter Power/The Globe and Mail

Bank of Nova Scotia is shuffling the leadership of its investment banking division, moving a long-time leader into a new role and promoting one of the firm's busiest professionals.

The firm announced internally on Thursday that Philip Smith, the deputy head of investment banking, is moving to become chief financial officer of the bank's securities arm. David Skurka, who heads the bank's busy financial services investment banking team, becomes deputy head of global investment banking.

Mr. Smith spent more than a decade leading the investment banking division. He was head of investment banking before the bank bought what is now Scotia Waterous and oil and gas specialist Adam Waterous took the role of global head of investment banking.

Scotia, in its internal announcement, credited Mr. Smith with having been "a key contributor to the growth of this area and, in recent years, played a critical role helping our team successfully navigate one of the most challenging periods for the investment banking industry."

As CFO, Mr. Smith will report directly to the co-chief executive officers of the securities division and be "instrumental in influencing strategy and shaping the financial direction of the division."

Mr. Skurka is the bank's point man on transactions in the financial services industry, where Scotia has been a top performer. He has played lead roles on such transactions as Manulife Financial Corp.'s huge capital raises and the insurer's acquisition of John Hancock in the U.S. for $15-billion. He'll keep his spot as head of financial services, while taking on the responsibilities of overseeing equity capital markets and co-ordinating the mergers and acquisitions, Scotia said.

"His exceptional client relationships, proven ability to deliver M&A and equity revenues, and strategic focus will contribute to his success in his new position," Scotia said in its internal memo.

In his new job, Mr. Skurka will report to Mr. Waterous.