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David Fleck

Macquarie Capital Markets Canada Ltd.'s chief executive officer David Fleck is leaving the firm not long after cuts were made to the investment bank's institutional business.

Mr. Fleck plans to stay until the end of October to ease the transition and will pass control to two new executives, said Aaron Boles, senior vice-president of communications at Macquarie.

The move comes shortly after Macquarie parted ways with two teams – in early September, Streetwise reported that the firm closed its real estate investment banking team and its leveraged finance group.

The company is left with what it considers its core strengths: infrastructure and resources, equity capital markets and corporate securities.

The company has lined up an incoming management team to replace Mr. Fleck's role.

Dan Cristall, who leads Macquarie's most active line – the oil and gas business – will become CEO in charge of Canadian investment banking.

Alex Rothwell, who leads the Toronto-based securities group, will become president of Macquarie.

Both appointments are pending regulatory approval.

Macquarie has operated in Canada since 1998, but at the beginning of September the Canadian office looked much different. The Canadian wealth management division of the Australian bank Macquarie Group Ltd., Macquarie Private Wealth Inc., was sold to Richardson GMP Ltd. for about $132-million on Sept. 9. That deal has yet to close.

Prior to joining Macquarie, Mr. Fleck had a 19-year career with the Bank of Montreal, reaching the position of executive co-head of equity products. He was then president of Mapleridge Capital Corp.

( Jacqueline Nelson is a Globe and Mail Financial Services Reporter.)

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