Scotia’s Fred Ketchen celebrates 50 years in the biz

(September 2007) When advisors talk about retirement planning, the general assumption is once a client hits 65, his work days are numbered. Not so for 72-year-old Fred Ketchen who celebrated his 50th anniversary in the financial industry on Tuesday.

The Scotia Capital director was feted with a lunchtime bash at the bank’s downtown Toronto office, which saw high-ranking executives like Scotiabank’s president and CEO Rick Waugh pay tribute to the financial stalwart.

“For 50 years, Fred has been in the organization,” said Waugh to colleagues and invited media. “Sit back and think about that.”

Waugh continued, pointing out how he helped bridge the gap between the bank and the media. “For many in the media, Fred always says yes.”

His relationship with journalists is legendary at the Scotia offices, as his name has appeared in countless TV programs and even more articles. The reason for his love affair with the media? He wanted to be a writer.

His first job was as a reporter for The Wall Street Journal, but failed to get a raise after a year in the business. In 1957, he jumped ship to McLeod Young Weir & Co, where he worked on the TSX trading floor. He’d eventually become a director and vice-president of the company, and then managing director and senior vice-president of ScotiaMcLeod in 1988, when the two businesses merged.

Needless to say, Ketchen has seen the markets expand over the years. “The markets have grown so strongly,” he said. “Not only price-wise but volume-wise as well, from the time I got into the stock side of the business.”

He added that in September 1957, “the total volume of shares of Bank of Nova Scotia that traded on the TSX turned out to be 5,400 for the whole month. Now on an average day we trade between 1.5 and 2.5 million everyday.”

Despite being well past the retirement age, Ketchen has no plans to throw in the towel. He is considering, however, working four days a week instead of five.

Filed by Bryan Borzykowski, Advisor.ca, bryan.borzykowski@advisor.rogers.com