Executive moves this week

Each week, Investment Executive summarizes notable management shifts across the financial and wealth management industry.

• In a series of recent company-wide emails to TD employees that were obtained by Investment Executive, it was announced that Robbie Pryde, executive vice-chair and head of corporate and investment banking with TD Securities, will retire following the expected Q1 2023 close of the bank’s acquisition of New York–based Cowen Inc. (a US$1.3-billion deal announced last month). Pryde — who’s worked in the capital markets space for more than 35 years and with TD Securities since 2000 — made his decision last year but also agreed to help ensure the transition was smooth, the emails said. Riaz Ahmed, president and CEO of TD Securities, noted in his communications that the bank’s corporate and investment banking (CIB) division will continue to leverage Pryde’s “strategic vision, set out nearly two years ago in the CIB playbook.” Pryde said in an email about his departure that he plans to revisit his “entrepreneurial roots.” (He was a founding partner of institutional boutique Newcrest Capital Inc., which was acquired by the bank in 2000.)
• Related to Pryde’s departure, Ahmed recently provided detail in a separate company-wide email about the planned organizational structure following the close of the Cowen Inc. deal in 2023. As previously announced in August, the buy will boost revenue at TD Securities and bring in 1,700 staff as well as result in some parts of the business operating as TD Cowen. Ahmed explained in his email that alongside Cowen chair and CEO Jeffrey Solomon being named president of TD Cowen, there will be co-heads of both global investment banking and global markets. For investment banking, the team will be Larry Wieseneck, Cowen co-president, plus Tim Wiggan, currently the co-head of global markets with TD; for global markets, the duo will be Dan Charney, the other co-president of Cowen, plus Chris Vogel, whose role with TD will be the same. The CFO and COO of TD Securities (Malcolm Lang) will remain the same, with the planned COO of TD Cowen being John Holmes. Cowen’s CFO Stephen Lasota and general counsel Owen Littman will both retain their positions within TD Cowen.
• Derek Lovett, previously vice-president of portfolio solutions with CG Wealth Management in Canada, has transitioned to the role of senior portfolio manager and senior wealth advisor with Vancouver-based Stenner Wealth Partners+. A statement sent to Investment Executive said the switch was effective Sept. 13 and that Lovett now co-leads the daily operations at the advisory firm alongside Thane Stenner. The group serves high-net-worth clients (who have at least $10 million or more of investment capital or $25 million or more in net worth) and its assets under advisement are approximately $1 billion.
• Cesar Rainusso has been named global head of client success with RBC Investor & Treasury Services, a role that includes leading a recently created team that oversees client experience. He previously worked at Accenture, where he was a managing director of the Canadian customer sales and service practice for more than five years. His industry tenure includes more than eight years with BMO Financial Group.

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.