Each week, Investment Executive summarizes notable shifts across the financial and wealth management industry.
- Raymond James Ltd. named Scott Hudson as executive vice president, head of wealth management, private client group, effective June 1. Hudson was hired in June 2020 as senior vice president and national director of wealth management for the firm, after serving 20 years with Scotia Wealth Management. Hudson succeeds Jamie Coulter in the role, which he previously held on an interim basis following Coulter’s appointment as CEO of Raymond James Ltd. in January.
- Toronto-based Sprott Inc., a global asset manager that focuses on precious metals and real assets investment strategies, will have a new CEO as of June 30. Incoming CEO Whitney George (currently the company’s president) will succeed Peter Grosskopf, with Grosskopf planning to focus full-time on his roles as CEO of Sprott Capital Partners and advisor to Sprott’s private resource strategies. Grosskopf also will resign from the Sprott board of directors, while George will be appointed at the end of June. George joined Sprott in 2015 and has held multiple roles, and will continue to implement a plan put in place five years ago.
- Brad Hardie, currently managing director and North American head of financial institutions at BMO Capital Markets, plans to retire in September 2022. He’s been with BMO for 27 years and a leader in his current group since 2004. His role involves overseeing “all of the capital raising and strategic mergers and acquisitions services for BMO Capital Markets’ financial services clients,” Hardie said in an email, noting that his planned successor is Adam Sinclair, who was the co-head of global investment banking and Canadian corporate banking at Scotiabank between 2018 and 2021. For Sinclair, one persistent hurdle will the the “ongoing globalization of [the] Canadian-based financial services sector,” Hardie said, given how that’s affected cross-border activity and the ways in which capital has been raised over the past few decades.
- Robert Aggio has taken on the role of national vice president of sales at PPI Management Inc. He was regional vice president for Ontario for a decade, whereas his new role will involve working on broad business growth strategies alongside the firm’s strategic relationship, wealth, and high-net-worth sales leaders, he said in a LinkedIn post.
- iA Private Wealth welcomed senior wealth advisor Robert Leombruno this week. He founded Hamilton, Ont.-based Tier One Tax PC, where he’s worked since 2013, and he specializes in high-net-worth portfolios.
- Carrie Russell has resigned, for personal reasons, as president and CEO of Knowledge First Financial Inc., located in Mississauga, Ont. Board member Paul G. Renaud is now leading Knowledge First, on an interim basis, during the search for Russell’s replacement. The leadership change took effect May 30.
- Vancouver-based investment manager Steadyhand has named a new CIO: Salman Ahmed, who’s been co-CIO alongside Tom Bradley since May of last year but who’s been with the company for more than seven years. Bradley said in a June 1 blog post that he plans to remain involved in the company but that the shift “is part of our succession planning,” with Ahmed becoming a prime decision maker regarding funds and strategy.
If you know of other people moves in the financial industry and/or would like us to consider your announcement, email Katie Keir at firstname.lastname@example.org.