Toronto-based Bank of Nova Scotia has named Glen Gowland managing director of Scotia Mutual Funds and chief executive of Scotia Securities. Mr Gowland, who has been with the bank for seven years, replaces Karen Fisher, who has left the company. Although Bank of Nova Scotia is ranked second in Canada for total bank assets, the Scotia Securities fund unit is the smallest amongst Canada’s five biggest banks. Barb Mason, appointed last year as Scotia’s executive vice president of wealth management, set a target to double fund sales from the bank's branches this year. Revenue from mutual fund sales rose 22 per cent to C$ 73 million ($69 million) in the quarter ended 30 April, the bank said last week. Scotiabank has also appointed Neil MacDonald as a managing director of mutual fund products. Money managers John Varao, Shane Jones and John Kellett were hired from Royal Bank of Canada in April.