TD’s senior leadership shuffle hits asset management head

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The senior chairs keep shuffling inside Toronto-Dominion Bank, and the latest switch moves the lender's asset management head back to TD Securities.

Tim Wiggan, who has led TD Asset Management since 2013, is heading back to TD Securities, where he will run equities. He takes the seat vacated by Robbie Pryde, who was named Tuesday as the bank's next head of corporate and investment banking, starting November 1.

Mr. Pryde's promotion comes amid the news that TD's long-time head of investment banking, Pat Meneley, is leaving at the end of the year.

Mr. Wiggan's move to TD Securities is a homecoming of sorts. He joined TD in 2000 when the bank bought boutique dealer Newcrest Capital and rose to co-head of institutional equity sales.

The shuffle also extends the former Newcrest team's prominence within the investment bank. Bob Dorrance, who runs TD Securities, as well as Robbie Pryde, now the head of corporate and investment banking, both joined TD as part of the Newcrest acquisition.

TD's senior leadership changes come as the lender nears its fiscal year-end on October 31, a common time for Big Six banks to shuffle leaders. Around this time last year Canadian Imperial Bank of Commerce announced new heads for investment banking and global markets, and Bank of Nova Scotia named new investment banking co-heads.

TD's senior changes have also extended to other areas of the bank, including the retirement of Tom Dyck, a veteran of TD Canada Trust who previously ran branches under former group head Tim Hockey. Mr. Hockey now runs TD Ameritrade.

Within TD Asset Management, Mr. Wiggan embarked on a new strategy that involved launching six exchange-traded funds earlier this year. The Canadian wealth management industry is quickly changing and many veteran companies – including AGF Management Ltd and Mackenzie Financial – have been forced to embrace low-cost offerings, such as ETFs, as investors pay more attention to fees.

Bruce Cooper, currently TDAM's chief investment officer, is taking over as the unit's head and will oversee its more than $300-billion in assets under management. He has been with the bank since 1993.

Editor's note: An earlier version of this story incorrectly stated that TD Asset Management oversees more than $300-million in assets. In fact, it is more than $300-billion.