Industry moves this week

Each week, Investment Executive summarizes notable moves across the financial industry.

• John Nicola, founder and CEO of Nicola Wealth Management Ltd., will transition out of that role by the end of next year. He’ll become executive chair of the firm’s board of directors as of 2026, and will be succeeded by Christopher Nicola, who will first become president and then transition to the CEO role in 2026. John Nicola said in a release that the move “is not about stepping back, but rather focusing on areas where I can continue to provide strategic insight and mentorship to ensure the firm’s long-term success.” The goal is “for long-term stability and consistency” as the firm grows, said the release, which noted Nicola Wealth has assets under management exceeding $16 billion. Other members of the executive team will have new or expanded roles: David Sung is now executive vice-chair of the board and president of institutional; Bijal Patel is transitioning to chief investment officer; and Vanessa Flockton is now president, private wealth. Additionally, Jamie Duncan, who’s worked with the firm for decades, will transition out of her role as chief operating officer over the next year as she focuses instead on the firm’s philanthropy platform and board.
• Dave Kelly officially took over from Kish Kapoor as president and CEO of Toronto-based RF Capital, parent of independent brokerage Richardson Wealth, on Oct. 1. In an internal memo provided to Investment Executive, Kelly thanked Kapoor for his leadership and said he’s been learning from the firm’s advisors and corporate staff since he first joined as chief operating officer in January. To advisors, he said, “I have been focused on where we have opportunities to make your experiences, and those of your clients, better, and how to address pain points and fill gaps.” While these discussions “are far from over,” he added, some of his current action items include investing in tools for advisors and “laying out achievable goals that will steadily make the business better” as it grows. Read more on how Kelly sees Richardson Wealth “as a dominant brand of choice in Canada.”
• Toronto-Dominion Bank recently named new co-heads of its U.S. commercial banking business, saying Andy Bregenzer and Jill Gateman will jointly lead the operations. The bank said the appointments followed the announcement earlier this year of Chris Giamo’s retirement (read more). This news follows the appointment of Raymond Chun, currently group head of Canadian personal banking with TD Bank Group, as the successor of longtime leader Bharat Masrani in the role of group president and CEO as of spring 2025.
• Schiller & Associates Private Wealth Management has joined Wellington-Altus Private Wealth Inc. The group is led by wealth advisor Regan Schiller, who’s been in the industry for 15 years, previously working with IG Private Wealth Management.
• Nicolas Darveau-Garneau has become strategic advisor on artificial intelligence for iA Financial Group, and one of his goals is “improving the client experience,” a release said. Darveau-Garneau stepped down from the company’s board of directors on Oct. 1 to “devote himself to this mandate and to other professional projects,” the release said. He will also step away from the boards of Canadian insurers belonging to iA Financial Group.
• Eduard van Gelderen has left Montreal-based pension investment manager PSP Investments, where he’s been chief investment officer since 2018. In his announcement, he provided no details about his next steps.
• Naoum Tabet has become fixed-income investment director for Canada with U.S.-based Capital Group. He’ll work out of Montreal and support “strategic growth” for Capital International Asset Management (Canada) Inc., part of Capital Group, with a focus on institutional and wealth management clients. Tabet spent the past 12 years with TD Asset Management, a release said, across various roles.
• Alberta Investment Management Corporation (AIMCo) announced new roles for two investment leaders, based on the creation of new executive positions as Marlene Puffer steps away as chief investment officer. Justin Lord is now senior executive managing director, global head of public markets, a transition from his former position as head of public equities. David Scudellari has been named senior executive managing director, global head of private assets and strategic partnerships, marking an expansion of his role. He’ll continue as an executive team member and the leader of strategic partnerships.
• Rhonda Goldberg has been elected for a two-year term as an industry director with the Canadian Investment Regulatory Organization (CIRO). She serves as general counsel and member of the IGM Financial Inc. executive team and also on the board of Wealthsimple, a release said. Meanwhile, Janet Woodruff was re-elected for a one-year term as an independent director with CIRO.

If you know of other people moves in the financial industry and/or would like us to consider your announcement, email Katie Keir at katie@newcom.ca.