ETF exec leaves RBC

Cary Blake has left RBC Global Asset Management.

He joined RBC in 2010 as a vice president to head its ETF business initiative. Prior to that, he worked at BlackRock.

Blake’s responsibilities included development and execution of RBC’s ETF business strategy. He officially left July 19 and RBC spokesperson Leah Commisso confirmed his departure today.

Read: Franklin Templeton signals entry into active ETF space

Writing on his website, Yves Rebetez, managing director and editor of ETFInsight, says Blake’s departure doesn’t bode well.

Meanwhile, according to the Canadian ETF Association, RBC has raised about $115 million in assets under management; a small number given the scope and depth of its asset management business. Vanguard ETFs, which entered the market at similar time, has raised more than twice that. BMO ETFs raised $230 million last month alone.

Read: Low yields drive sales of low-cost ETFs

Blake has been replaced by Mark Neill, president of PH&N Investment Services. “Neill leads the direct-to-client business and the third-party accounts platform, which both have investor overlap with the ETF segment. So we’re confident it’ll be a smooth transition,” says Commisso.

Melissa Shin

Melissa is the editorial director of Advisor.ca and leads Newcom Media Inc.’s group of financial publications. She has been with the team since 2011 and been recognized by PMAC and CFA Society Toronto for her reporting. Reach her at mshin@newcom.ca. You may also call or text 416-847-8038 to provide a confidential tip.