Toronto-Dominion Bank is looking to expand its wealth management operations in the US as it seeks a broader market for mutual funds and investment advice, Bloomberg has reported.

The bank currently offers products and investment advice through Nebraska-based brokerage TD Ameritrade Holding, in which the bank owns a 45 per cent stake - more than any other shareholder.

According to the publication, Ameritrade advisors typically serve clients with an investment prospect of less than $750,000, but by expanding its wealth management operations, Toronto-Dominion would serve those with a higher net worth.

Edmund Clark, chief executive, has so far established a network of over 1,300 branches across the Eastern US during the past seven years, spending more than $25 billion opening retail outlets and purchase lenders, including that of Banknorth Group and Commerce Bancorp. 

“They tend to be located in disproportionately urban, high-growth, affluent areas,” Mike Pedersen, head of wealth management and insurance, was quoted as saying in the interview. 

The bank will also see an additional 30 wealth advisors in Canada by the end of the year, bringing the total number to 2,000 compared with 1,970 in 2011.

Wealth management, combined with the bank’s insurance unit, posted a record profit of C$1.31 billion ($1.3 billion) in November last year under International Financial Reporting Standards, representing 22 per cent of the firm’s total net income for the year ended 31 October.

Pedersen, who became head of wealth management in November 2010, reportedly added that “acquisitions are not a focus for either part of the unit,” which had assets under management of C$189 billion at the end of October last year.

Toronto-Dominion has also invested in technology and infrastructure for the business, according the report.