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(Mark Blinch/REUTERS)

Scotiabank sets sights on foreign wealth management

When sizing up the prospects for big wealth management acquisitions abroad, there are growing whispers that Bank of Nova Scotia is bound to be next.

Since 2010, Canadian banks have been active buyers of asset managers beyond their home borders. Notable deals include Royal Bank of Canada’s $1.6-billion acquisition of London-based BlueBay Asset Management, and Canadian Imperial Bank of Commerce’s purchase of a 41-per-cent stake in U.S.-based American Century Investments for $848-million.