The phone began ringing off the hook at Canada Trust earlier this month after a story appeared in The Globe and Mail reporting the company had set up a new financial management division to cater to the well-to-do.

Gary Brent, president and chief executive officer of newly formed Canada Trust Private Portfolio Management, says he was astonished by the number of calls taken on the company’s toll-free information line from people who wanted to learn more about the service.

Canada Trust established Private Porfolio about three weeks ago in order to cash in on the burgeoning market for money management services.

The new division, which begins life with 1,000 customers picked up from Canada Trust’s existing Wealth Management Group, will manage funds directly for wealthy customers and it will develop investment strategies for Canada Trust mutual funds bought by the everyday wage earners.

‘Four seasons’

Brent says Private Portfolio will strive to become the ‘Four Seasons’ of financial management firms, explaining its goal will be to offer reliable, consistent returns, as opposed to high-performance returns.

As well, he says the new division will develop a network of offices across the country to deliver consistent management advice and service to all customers.

Private Portfolio has yet to begin advertising, but Brent says when it does it will likely focus on third party advisers such as accountants and tax specialists.

It is not known whether Canada Trust’s official agency for image advertising, Doner Schur Peppler of Toronto, will automatically be awarded the business as the company also works with various other agencies on special projects. PA