David Scandiffio will be joining CIBC (TSX:CM) as president and CEO of CIBC Asset Management Inc., the bank announced Monday evening.
Scandiffio will assume responsibility for overall retail and institutional asset management business and the portfolio management team, and will be a key member of the bank’s wealth management executive team. He will start his new role on April 6.
Scandiffio is moving into a position left open when Steve Geist was promoted in September to senior executive vice president and group head, wealth management, in charge of CIBC’s wealth management business in both Canada and the U.S.
See: CIBC announces key executive appointments, retirements
Scandiffio brings over 20 years of asset management experience to CIBC.He has been president of IA Clarington Funds since 2003 where he was responsible for setting the strategic direction for growing the business. His asset management experience also includes Mackenzie Financial Corp, where he held various product and marketing roles during his 10 year tenure.
Recently, Scandiffio had taken on expanded responsibilities within IA Clarington’s parent company, Industrial Alliance Life Insurance Company, as executive vice president, wealth management where he was also responsible for the wealth distribution businesses, including the HNW segments.
He holds a CFA designation along with a Bachelor of Science degree in Actuarial Science and Economics. Scandiffio is actively involved in the community as a co-founder of the Princess Margaret Hospital Road Hockey to Conquer Cancer and sits on the Board of the Young People’s Theatre.