(September 26 – 09:45 ET) – Assante Corp. is shuffling the executive suite at Assante Advisory Services Ltd.
Michael Nairne will be leaving his job as president and CEO of Assante Advisory, remaining as a vice chairman of and senior executive vice president of Assante Corp. He will focus on strategic planning, product development, integration and other key initiatives.
Nairne will be replaced by Nick Mancini as the head of Assante Advisory. Mancini comes from Trimark Financial Corp, where he was executive vice president responsible for sales, marketing and business development. Prior to that, he was an executive vice president at Canada Trust. Mancini has also toiled for Dun & Bradstreet and American Express.
Mancini says, “I’m extremely excited about joining a strong company like Assante with its advisor-led operating philosophy. There is enormous value in pursuing a vision that speaks to the development and delivery of a comprehensive set of personal, financial services for advisor-led and advisor-supported client relationships.”
Stephen Ellis is appointed chief operating officer of Assante Advisory, reporting to Mancini. Ellis was previously vice president and director of Deutsche Bank Canada and Deutsche Bank Securities Ltd. Ellis has also been with ABN AMRO Bank Canada and Bank of Montreal. He will be responsible for overseeing the development and operation of the processing platform and the management of the distribution companies.
Nairne said, “Integration of the Canadian distribution system is well underway and on target, and we are now focussed on supporting our financial advisors in building their practices and broadening the products and services offered to clients.” Assante took a $23 million charge to account for the estimated costs of integrating its back office processing systems and its distribution channels along with developing an overall branding strategy.
-IE Staff