Succession is playing out at the investment dealer arm of Toronto-Dominion Bank, with long-time head of investment banking Pat Meneley announcing plans Tuesday to leave at the end of the year and a new senior management team taking the reins.
Bob Dorrance, CEO of TD Securities, announced Monday that effective Nov. 1, 2016, the head of corporate and investment banking at TD Securities will be Robbie Pryde, currently head of equities at the firm. The bank's financial year begins on Nov. 1.
Moti Jungreis, currently head of fixed income, currency and metals at TD Securities, will take responsibility next month for all sales and trading businesses at the investment bank, as the fixed income and equity teams are combined in one global markets platform. The vast majority of investment banks have combined leadership of equity, fixing income, currency and other trading platforms over the past decade.
"By bringing these two teams together, we are uniquely poised to provide superior client coverage and leverage the tremendous talent that exists within both teams," said Mr. Dorrance in an internal note. "These leadership changes position TD Securities for future growth while providing expanded responsibilities for a team of very seasoned and capable leaders."
Mr. Meneley will leave TD Securities in January, 2017, after a 20-year career at the bank and a 15-year run as head of investment banking. On his watch, the dealer rose from also-ran to the top of the league tables that track deal-making prowess. In a separate internal note, Mr. Dorrance said under Mr. Meneley's leadership, "the business has grown to become a leading Canadian based franchise, with a strong and rapidly growing U.S. business."
Mr. Dorrance and Mr. Pryde joined TD Securities 16 years ago when their firm, employee-owned Newcrest Capital, was purchased by TD Bank. Mr. Dorrance has been CEO since then and he and Mr. Meneley have among the longest tenure in their roles on Bay Street, a community that traditionally experiences high turnover. Mr. Jungreis has been with TD Securities since 1996.
In a note to colleagues, Mr. Meneley said he plans to take some time off in the new year, then look at new opportunities. Prior to becoming head of investment banking in 2001, Patrick headed TD Securities' communications and media group, and he also worked with a U.S.-based investment dealer.
Through the first nine months of 2016, TD Securities was the No. 1 investment bank for Canadian equity sales according to statistics compiled by Thomson Reuters. The firm raised $7.1-billion for clients, which translates into 18 per cent market share.
In mergers and acquisitions over the first three quarters of 2016, Thomson Reuters data showed TD Securities ranked 14th, advising on $10.6-billion of deals for 5 per cent market share, as cross-border M&A traffic was dominated by foreign-owned dealers.