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Scotia Capital Expanding Fixed Income in New York, London

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Oct. 17 (Bloomberg) -- Bank of Nova Scotia, Canada’s third-largest bank, has been expanding its fixed-income operations in New York and London, Scotia Capital co-Chief Executive Officer Mike Durland said.

Fixed income will be one of the main growth initiatives to drive future revenue, Durland said today at an analyst conference in Toronto. The lender will also expand its prime brokerage, energy and derivatives businesses, he said.

The moves are “designed to increase our diversification,” Durland said.

The investment-bank unit derived 19 percent of revenue this year from fixed income, up from 7 percent in 2001. At the same time, the lender has reduced its reliance on corporate banking revenue.

Scotia Capital typically accounts for 30 percent of Toronto-based Scotiabank’s overall profit. The lender recorded net income of C$4.24 billion ($4.18 billion) in 2010.

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net.

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; David Scheer at dscheer@bloomberg.net.

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