PI Financial Corp. is shaking up its capital markets division.
The Vancouver-based investment firm and
National Bank of Canada (
TSX: T.NA,
Stock Forum) affiliate
said its Executive vice-president Bert Quattrociocchi is stepping down as head of the division.
However, Quattrociocchi will continue as a vice-president and director, according to May 28, 2014 memo to staff that was signed by Chairman and Chief Executive Officer Max Meier.
He will also remain as a member of the firm’s executive committee in a management and strategic planning capacity.
A 30-year veteran of the investment industry, Quattrociocchi is PI’s third largest shareholder behind Meier and the company’s vice-Chairman John Eymann.
But the investment firm has not yet named a successor.
“It’s a re-organization and a changing of the guard,” said an investment industry source. "It’s not unusual to see this type of thing, because the business is changing so much,’’ the source said.
PI Financial is a full service investment dealer with 240 employees in six Canadian cities. Along with other Canadian investment firms, the Vancouver company is trying to grapple with the slump on the mining finance side of its business.