National Bank of Canada is shaking up the leadership of its wealth management business.
On Monday, Jonathan Durocher was named president of National Bank Financial Wealth Management, the brokerage business at Canada’s fifth-largest bank.
Mr. Durocher replaces Martin Lavigne, who left the company on May 8 after almost 15 years in various roles with the bank.
Mr. Lavigne could not be reached for comment. National Bank spokesperson Marie-Pierre Jodoin said Mr. Lavigne’s departure was a “mutual decision” and he “would like to explore new professional pursuits and spend more time with his family.”
National Bank Financial has 856 adviser teams who manage about $105-billion in assets.
Mr. Durocher said that while the move comes as a “surprise,” he is excited to return to the bank’s brokerage business where he first began his career as a senior compliance officer, and later ran the new issues platform and wealth management support services.
“Martin did an incredible job growing the organization to where it is today, with strong positive results over all,” Mr. Durocher said in an interview. “I’m fortunate that I am able to step into the role already being a familiar face to many of the adviser teams, especially during times like these where you can’t give a good old-fashioned handshake to everyone."
Prior to his appointment, Mr. Durocher was president of National Bank Investments, which manages about $54-billion in assets. During his six years running the asset management division, he helped launch several new investment platforms, including the bank’s 2017 partnership with roboadviser Nest Wealth. National Bank has not yet announced a new head of National Bank Investments.
Mr. Durocher will continue to report to Martin Gagnon, co-president and co-CEO of National Bank Financial.
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