Mackenzie Investments president and CEO Barry McInerney is retiring this summer, with IGM Financial chief financial officer Luke Gould set to replace him.
McInerney, a 35-year industry veteran who spent the last six leading Mackenzie, will retire on June 30, a release from Mackenzie parent company IGM Financial said Tuesday.
In a statement, McInerney said he was pleased to have led the firm as it expanded its assets from $60 billion to $210 billion while “re-establishing our reputation as a product innovator.”
Mackenzie has recently focused on ESG and alternative investment products, acquiring environmental investment firm Greenchip Financial Corp. in 2020 and partnering with Northleaf Capital Partners last year to launch a private credit fund for retail investors.
Mackenzie reported record net sales of $5.4 billion last year.
McInerney’s replacement at Mackenzie, Gould, joined IG Wealth Management in 1997 and served as CFO there and at Mackenzie before becoming IGM Financial’s CFO in 2018.
Gould’s history with Mackenzie, including as a member of the firm’s operating committee for the past eight years, has given him “a deep knowledge and understanding of the business, its strategy and its growth drivers,” said IGM president and CEO James O’Sullivan in the release.
Keith Potter will replace Gould as IGM’s CFO, moving from his role as senior vice-president and treasurer.
IGM also announced on Tuesday that Kelly Hepher will be the firm’s new chief risk officer, joining from Great-West Life. She will also oversee IGM’s corporate sustainability.
At Mackenzie, product head Kristi Ashcroft will take on an expanded role as executive vice-president, products and solutions, the firm said.