Macquarie Group Ltd., the giant Australian bank, wants to look more Canadian -- at least in Canada.
The firm has named a well-known Canadian securities executive to run its growing local operations. David Fleck, a long-time senior executive at Bank of Montreal's securities division, will become president and chief executive officer of Macquarie Capital Markets Canada Ltd. in mid-May.
He will replace Paul Donnelly, who will return to Melbourne after almost four years overseeing Macquarie Canada. In that period, Mr. Donnelly spearheaded a fast expansion in Canada, including three major acquisitions.
In Mr. Fleck, the bank gets an executive with a long track record from his days at BMO and deep connections to companies and investors. After leaving BMO, he spent time in senior roles at two large hedge funds.
As a Canadian, he is expected to cement the impression that Macquarie is committed to the local market, not an international firm that is simply dabbling in Canada.
"We profess to be a Canadian shop with a global platform behind it, and to have a quasi-Australian CEO, that's probably untenable in the long term," said Mr. Donnelly, who has roots in Australia and England.
Under Mr. Donnelly, Macquarie grew by purchasing Orion Securities, a boutique investment bank with expertise in resources; Tristone Capital, which gave Macquarie more heft in energy; and the retail brokerage arm of Blackmont Capital to gain a force of investment advisers.
The firm has also established itself as an adviser on transactions in sectors such as infrastructure, and as a solid presence in research and trading in areas of the stock market such as banks and utilities.
The goal with Macquarie is to "take over the mantle of being the global franchise in the Canadian landscape," Mr. Fleck said. "The firm is extremely well positioned because it has that interesting mix of a boutique with the big international institution behind it."