Toronto-Dominion Bank has replaced the president of its Canadian mutual fund business with the head of its U.S. discount brokerage unit.

Tim Pinnington, the CEO of TD Waterhouse USA, is returning to Toronto after just a year in New York.

He moves into the position of senior vp in charge of TD Mutual Funds, taking over from Steve Geist, who left the bank this week.

Pinnington was going to lose his CEO title at the end of the year, when TD Waterhouse is expected to finalize its US$2.5-billion merger with Ameritrade Holding Corp. Both companies have already confirmed that Ameritrade CEO Joe Moglia will run the combined entity, in which TD will own a 40% stake.

Pinnington was responsible for the integration of TD and Canada Trust following their merger in 1999.

In 2001, he was dispatched overseas to run TD Waterhouse Investor Services (Europe) Ltd., the bank’s British discount arm, and landed in New York last September to replace outgoing TD Waterhouse CEO Frank Petrilli.

TD Mutual Funds increased assets under management to more than $41 billion from $30 billion since Geist took over in 2001.