Quebec City-based Industrial Alliance and Financial Services Inc. (IA Financial) is rejigging the structure of its wealth management division.
An internal memo from Carl Mustos, executive vice president, IA Wealth Management, obtained by Finance et Investissement, the French-language counterpart of Investment Executive, announces a shakeup that will see John Kelleway take over as president of IA Securities, replacing Richard Legault.
Kelleway, previously senior vice president and head of national sales, IA Securities, has helped lead the integration of HollisWealth, which was acquired from Bank of Nova Scotia in 2017.
Legault will leave IA Securities as part of the reorganization.
Additionally, IA’s two mutual fund dealers, Investia Financial Services Inc. and FundEX Investments Inc., will be brought under the unified leadership of Louis DeConinck, previously president of Investia. David Chapman remains president of FundEX, reporting to DeConinck.
IA is also centralizing various back office functions under the IA Wealth Management brand, including: finance, marketing and communications, operations, compliance and information technology.
The changes are designed to enhance efficiency throughout the group, while better positioning it for future growth, the firm indicates.