Peter Bailey has been appointed president of Raymond James Ltd. overseeing the firm’s private client and corporate services activities.

Ken Shields remains CEO, but will also be taking on additional responsibilities for all of the company’s equity capital markets businesses. The changes are effective April 1.

In a memo to staff sent this morning, Shields says the appointment of Bailey is designed to take the firm’s retail business to a new level of excellence.

The management team reporting to Bailey will include:

  • Terry Hetherington, head of national sales;
  • Lloyd Costley, executive VP and chief administrative officer;
  • George Karkoulas, senior VP, independent financial services;
  • Peter Kahnert, senior VP, corporate communications and marketing; and
  • Doug Salberg, senior vice president, insurance and financial planning.

Reg Smith has been appointed senior VP and regional manager for British Columbia in the IAS Division. He will report to Terry Hetherington.

In his memo, Shields said the “new structure provides a more cohesive and integrated approach to our Private Client business. It ensures we are all on the same page with a coordinated plan to enhance support and service to our clients and our investment advisors.”

Shields will continue his responsibilities as CEO, and will be overseeing institutional sales, trading, and research businesses, in addition to investment banking. He said the switch is “a natural outgrowth of Mike Scott’s move to lead our investment banking business in B.C. and hiring Doug Pocock to lead our investment banking unit in Ontario.”

Shields added that his “goal is to provide more day-to-day support and direction to our professionals in equity capital markets to help them deliver more effective services to our corporate and institutional clients.

To further strengthen management support to the ECM group, Mike Westcott will assume additional responsibilities as managing director, Toronto Institutional Sales.

In addition, to align research capabilities and retail distribution of equity product ideas more closely, Don Ogden, senior vice president of product group, will report to Darren Martin.