Darie Urbanky, president and chief operating officer and head of asset management with CI Financial Corp., will retire at the end of 2024.
To begin the leadership transition, chief investment officer Marc-André Lewis will become co-head of CI Global Asset Management as of Jan. 1, 2024. Lewis also will keep his CIO responsibilities.
Lewis joined the company in 2021, taking on a newly created role in the midst of CI Financial’s plans to combine its in-house investment boutiques and operate as one integrated platform under the CI GAM brand.
At that time, CEO Kurt MacAlpine said CI GAM was at a critical point in its transformation “from a multi-boutique investment model to an integrated global investment manager.”
Urbanky has been with the firm for 27 years, having first started in the company’s information technology department, a release said. He was promoted to chief technology officer in 2016, and named chief operating officer in 2018 and president in 2019 — only a couple of months before MacAlpine took the reins.
MacAlpine said in Thursday’s release that Urbanky helped shape the company, creating “a globally recognized financial services leader.”
In its most recent earnings release, CI Financial reported a loss of $12.4 million in the third quarter as well as lower revenues compared with the previous quarter. Revenue as well as client assets in the Canadian wealth management segment both also slipped compared with the second quarter, but were both higher than in the previous year’s third quarter.
CI Financial manages and advises on approximately $420.7 billion in client assets, as at Oct. 31, 2023. The third-quarter results said client assets in Canadian wealth totalled $81.5 billion.