Vincent Hogue did not expect to leave his position as senior vice president and head of private client services at Montreal-based Desjardins Wealth Management so soon.
Desjardins Group eliminated Hogue’s post on Wednesday, as part of continuing restructuring.
“It comes as a surprise. I am happy that Desjardins is in good hands with the team that will take over. I wish them the best of luck,” he told Finance et Investissement.
Hogue says he is at peace with the decision of his bosses and understands the reasons for this rationalization. “I stay with Desjardins in my heart, even if I feel sorry for what’s happening to me,” he says.
“The pain I may have may not to be able to greet my colleagues as I would have liked,” he says.
Hogue’s departure surprised some in the financial industry, especially as the business activities under his responsibility were doing well. “I am extremely proud of my accomplishments. These achievements are never made alone, but as a team, “he says.
Among these achievements, he notes the “great profitability” and the high growth of the private client business at Desjardins, “which has the greatest growth in the last year, all categories combined, according to Investor Economics”.
“Desjardins Securities has enjoyed good growth and profitability, which has not always been the case before I arrived five years ago. In addition, with the discount brokerage activities, we made a nice turn. We had a wonderful start to the year. In terms of results, it was going very well. But a restructuring was continuing [at Desjardins] and a decision was made that I was perhaps not the man of the situation,” explains Hogue.
A gentleman, Hogue points out that he realized through his work at Desjardins that he “gave a lot, but also received a lot.”
At 55, Hogue has no plan to retire. “If I can help the Quebec finance community to continue to grow, to have the best practices and to make sure that we always think about the client and put that at the centre of our concerns, that’s something that I want to continue doing. I still have the energy, the desire to financially educate the Quebec population and I hope I can still provide service.”
Finance et Investissement (FI) is a sister publication of Investment Executive. Read the FI story here. (In French)