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After two years in the role, Craig Gilchrist is stepping down as managing director and head of ScotiaMcLeod Inc. to become vice-chairman and head of Scotiabank’s Global Family Office Group.

Todd Barnes, who has served as managing director for the Toronto region at Scotia Wealth Management since 2013, will take over for Gilchrist as head of ScotiaMcLeod.

In a note to Investment Executive, Gilchrist said that with ScotiaMcLeod performing strongly over the past few years, it was “time for me to take on a new challenge at the bank.”

“I really miss working closely with clients on their ‘total wealth’ and investment needs,” Gilchrist said. “This role allows me to focus on clients full time.”

Gilchrist’s last day leading the bank-owned brokerage is Sept. 1.

Since joining Scotiabank in 2009, Gilchrist has served in a number of executive roles, including as CIO and vice-president of Scotia Wealth Management between Oct. 2017 and Oct. 2019. In May 2019, he added the role of interim head of ScotiaMcLeod, replacing Rob Djurfeldt who had stepped down. Gilchrist was given the role on permanent basis in Sept. 2019.

Prior to joining Scotiabank, Gilchrist worked with BMO Capital Markets, Merrill Lynch and Goldman Sachs.

Barnes joined Scotiabank in 2010, serving for three years as a branch manager in Toronto. Prior to that, he worked as a branch manager and investment advisor at CIBC Wood Gundy and a financial consultant with Merrill Lynch.

“Todd and I have worked closely over the past two years and he is going to be a strong leader and continue the excellent work my team has done,” Gilchrist said.

In Scotiabank’s third quarter results, released today, adjusted net income in global wealth management was $397 million, up $65 million or 19% over the same quarter last year, due primarily to higher revenues from mutual fund fees and higher brokerage revenues, the bank reported.