Pamela Allen becomes CEO of MD Financial Management Inc.

After 16 years at MD, new CEO brings deep understanding of the unique challenges and opportunities facing physicians and their families

TORONTO, Nov. 1, 2022 /CNW/ -  Scotiabank is delighted to announce that Pamela Allen has been appointed CEO of MD Financial Management Inc. (MD), effective today. Ms. Allen is the first woman executive to hold this position. She steps into this role following the retirement of CEO Daniel Labonté.

Ms. Allen has more than 30 years of experience in the financial services industry and a background in financial planning. Since she joined MD 16 years ago, she has held a number of increasingly senior roles, culminating in her most recent role as Vice President, Client Value & Performance. In all of her positions, Ms. Allen has led with her wealth management insights and experience in service of physicians and their family members, as well as in service of MD staff and Advisors.

"Pamela Allen is a leader in the wealth management industry who has helped shape the MD we know today. Her deep and wide-ranging knowledge and understanding of wealth management advice and services and the realities faced by physician clients and their families will enable MD to continue to deliver exceptional value for these important clients," said Alex Besharat, Executive Vice-President and Head, Canadian Wealth Management at Scotiabank.

"Together with the MD Leadership Team and MD Advisors, I am committed to delivering excellence in wealth management services to physicians and their family members and to helping them to both meet their unique financial challenges and enjoy a financially secure retirement," said Ms. Allen. "We will build on our leading platform of products and services, strengthen and deepen our relationships with our clients, our colleagues and our partners so that we can continue to remove that layer of financial stress and worry from physicians, enabling them to focus on delivering positive healthcare outcomes to all Canadians."

Ms. Allen is a graduate of the Commerce Program at the University of Alberta and holds the Certified Financial Planner (CFP®) designation.

About Scotiabank

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of approximately $1.3 trillion (as at July 31, 2022), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit and follow us on Twitter @Scotiabank.

About MD Financial Management Inc.

With more than 50 years of physician-focused experience, MD Financial Management Inc. (MD) is dedicated to providing financial peace of mind to Canada's physicians and their families, so they can enjoy what matters most to them while achieving their career and life goals. MD had more than $50.4 billion in assets under management as of October 21, 2022. MD Management Limited was the first of the MD Group of Companies to be founded, in 1969. MD Financial Management Inc. wholly owns MD Management Limited. MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies and Scotia Wealth Insurance Services Inc. For a detailed list of the MD Group of Companies visit and visit for more information on Scotia Wealth Insurance Services Inc.

CFP® is a trademark owned by Financial Planning Standards Board Ltd. (FPSB) and used under licence.

SOURCE Scotiabank

For further information: For media enquiries, please contact: Katie O'Dell, Global Wealth Management Communications, Scotiabank,, 647 472-5857