"We believe that we have the potential to exceed our 2007 highs in 2011," he said.

Hatanaka said reaching that target depends on interest rates trending upward in the second half of this year, as well as on the economy being sufficiently stable to give equity markets an upward bias, the report said.

The recession pulled the wealth management unit's earnings down to C$345 million (around $345 million) in 2009 from a record C$501 million in 2007.

Canadian financial institutions have, by and large, been less severely affected by problems associated with the credit crunch than their US peers.

Hatanaka said that TD Wealth Management's bias is to expand organically, but that it is not adverse to looking at acquisitions, according to the report.

“If we think that there is a high quality acquisition out there that is shareholder friendly, on strategy, and won't distract us from our operating model or style, we would be happy to look,” he said.

"We haven't assigned any particular size or price to the size of transactions right now,” he said.

The unit aims to double its asset base in each of the next few years, largely through referrals from TD's retail arm, TD Canada Trust, which is Canada's second-largest bank.

Earlier this week, TD Waterhouse, the UK execution-only brokerage that is owned by Toronto-Dominion Bank, said it has agreed to take complete ownership of Luxembourg-based Internaxx Bank, an online private bank for self-directed international investors.