After a 35-year career in financial services, Mackenzie Investments chief executive officer Barry McInerney is set to retire on June 30, handing the reins over to Luke Gould, IGM Financial Inc.’s chief financial officer.
Mr. McInerney has spent the past six years as president and CEO of Mackenzie Investments, one of Canada’s largest independent asset managers and a subsidiary of investment giant IGM Financial.
“I know Barry will be approaching retirement with the same passion and purpose that he brought to work with him every day at Mackenzie, and I want to wish him and his family the very best,” IGM Financial CEO James O’Sullivan said in a statement.
During his time at the company, Mr. McInerney played a key role in the number of deals the asset manager completed. In 2020, for example, Mackenzie, along with its sister company Great-West Lifeco Inc., bought a major stake in private-equity firm Northleaf Capital Partners for $700-million, boosting its presence in the alternative investments space, such as infrastructure and private credit.
The company also added Greenchip Financial, a socially responsible investment manager, as well as GLC Asset Management Group.
“I am very pleased to have led Mackenzie as we expanded our investment operations from $60-billion in assets to $210-billion through strong organic growth and purposeful acquisitions,” Mr. McInerney said in a statement.
Mr. Gould, who first joined IG Wealth Management in 1997, will step into his new role at Mackenzie on July 1.
Over the years, Mr. Gould has held various management and executive roles in business and strategic analysis, investor relations and corporate finance. After being appointed CFO of IG Wealth Management in 2012, he was also appointed CFO of Mackenzie in 2013. In 2018, he was appointed CFO of IGM Financial.
“Being so closely associated with Mackenzie for the past 20 years, including his role as CFO and a member of the Mackenzie operating committee for the past eight years, has given Luke a deep knowledge and understanding of the business, its strategy and its growth drivers,” Mr. O’Sullivan added.
“As CFO, he has worked with every member of Mackenzie’s leadership team and is well-known for his industry insight, his focus on operational excellence and his determination to help grow the organization.”
As a result of the leadership changes at Mackenzie, IGM will see a flurry of executive leadership changes over the next several months.
Keith Potter will replace Mr. Gould as chief financial officer of IGM Financial.
Former Canada Life executive Kelly Hepher will join IGM Financial as chief risk officer on April 1, and take over IGM’s enterprise risk management program, corporate sustainability, and will have administrative responsibility for the firm’s internal audit function, which were previously under Mr. Gould.
Kristi Ashcroft will take on an expanded role as executive vice-president, products and solutions for Mackenzie Investments, and will now oversee all products and services provided by Mackenzie, including exchange-traded funds, alternative investments, and retirement.
Also, last week Manulife Securities, a division of Manulife Financial Corp., announced the retirement of CEO Rick Annaert, who spent 17 years as president and CEO of the wealth management company.
In a LinkedIn post, the executive thanked his colleagues as he announced he was “closing a chapter” effective March 2, after a 24-year career in various roles throughout Manulife and Manulife Securities.
In an e-mail to The Globe and Mail, Manulife spokesperson Cheryl Holmes confirmed that Richard McIntyre has replaced Mr. Annaert as president and CEO of Manulife Securities, effective March 2.
Mr. McIntyre first joined Manulife Securities as head of sales in February, 2021. Prior, he held a number of executive roles at Bank of Nova Scotia and Dundee Corp., including leading a team of more than 1,000 advisers at DundeeWealth – an investment advisory business that was sold to Bank of Nova Scotia in 2010.
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