Industry moves: Executive departure at TD leads to new wealth head

Michael Rhodes has left his post as group head for Canadian personal banking with TD Bank Group, leading to an executive shuffle and new head of the bank’s wealth business.

Ray Chun has taken Rhodes’s place, effective immediately, moving from his previous role as group head, wealth management and insurance. Tim Wiggan is stepping into Chun’s former role.

Chun first joined TD in 1992 and has held various roles. Wiggan, who’s been with the bank for more than 25 years, most recently served as vice-chair and co-head of global investment banking with TD Securities. He was also CEO of TD Asset Management for nearly four years from 2013 to 2016, a release said.

TD chief executive Bharat Masrani identified Chun as a proven leader and Wiggan as someone who can “deliver the next phase of growth” for the bank’s wealth and insurance arms.

Rhodes joined TD in 2011 and was in his most recent role since January 2022. A release said he’s decided to “pursue an opportunity at another organization.” 

Here are other recent industry moves.

• After nearly 24 years with Mackenzie Investments, Adriano Giordano has become a financial advisor in Toronto with Edward Jones. He was previously a district vice-president for Mackenzie Investments who worked with advisors. Giordano cited in an online post his “growing desire to serve clients firsthand and have a direct impact on their lives,” adding that he chose Edward Jones because the firm doesn’t push proprietary product and allows business autonomy.
• Manjit Singh has been named president of Sun Life Asia, effective March 18. He’ll work out of Hong Kong and oversee business in eight Asian markets. Singh, who is currently the company’s executive vice-president and chief financial officer, will succeed Ingrid Johnson in his new position in 2024. Johnson will become vice-chair of strategic partnerships globally, a new role. The search for a replacement CFO is underway, a release said. Both executives joined Sun Life in 2021.
• Kenneth Kroner has been appointed vice-chair of the Alberta Investment Management Corporation’s (AIMCo’s) board of directors. Effective Jan. 1, he’ll also assume the role of board chair until a permanent appointment is made by the provincial government. That shift is the result of current chair Mark Wiseman‘s intention to step down at the end of this year.
• Michael Thom, managing director of CFA Societies Canada, has been appointed to the IFRS Capital Markets Advisory Committee. That committee is independent of the International Accounting Standards Board and the IFRS Foundation, and offers global feedback on financial statements. Thom is one of three new members, with the other two being Diego Salvador Barrero and Meghan Clark (both are equity analysts based in Europe).

If you know of other people moves in the financial industry and/or would like us to consider your announcement, email Katie Keir at katie@newcom.ca.

Katie Keir

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Katie is special projects editor for Advisor.ca and has worked with the team since 2010. In 2012, she was named Best New Journalist by the Canadian Business Media Awards. Reach her at katie@newcom.ca.