Helen Hayes, who joined Blackrock Inc. to lead iShares Canada in 2021, has left to 'pursue new opportunities outside the firm,' according to an internal memo seen by The Globe and Mail.JENNIFER ROBERTS/for The Washington Post
BlackRock Inc.’s Canadian operations, the country’s largest exchange-traded fund provider, has announced the departure of the head of its ETF division.
The world’s largest asset manager notified employees that Helen Hayes, who joined the company to lead iShares Canada in 2021, has left to “pursue new opportunities outside the firm,” according to an internal memo seen by The Globe and Mail.
The memo outlined a series of organizational changes but did not mention a replacement for Ms. Hayes.
A BlackRock spokesperson declined to comment on the departure. Ms. Hayes did not respond to The Globe’s request for comment.
Blackrock’s head of the Americas institutional business and overall business in Latin America and Canada, Armando Senra, told employees in the memo that the Canadian market is a “critical driver of growth” for the firm, and that the company “must continue to invest in leadership, deepen regional expertise, and build a strong bench of future leaders across institutional, wealth, and product channels.”
Ms. Hayes spent 11 years as a managing director at CIBC Capital Markets prior to leading iShares Canada. She stepped into her role at Blackrock several months after the departure of former head of iShares Canada, Pat Chiefalo, who helped steer the company into a partnership agreement with Canada’s largest bank, Royal Bank of Canada, in 2019.
At that time, BlackRock Canada had been fighting to maintain its leading market share in the Canadian ETF industry. BlackRock used to control more than 80 per cent of Canada’s ETF assets. But as more asset managers joined the fray, its position shrank down to 36 per cent as of Dec. 31, 2018, according to report by National Bank Financial.
Today, RBC iShares collaboratively remains in the top spot for ETFs in Canada. It manages about $146-billion in assets, or 27 per cent of market share, as of March 31, 2025, according to National Bank.
Other executive shuffles at the asset manager include appointing Sarah Butcher as head of institutional client business in Canada. She will be responsible for strengthening institutional relationships and leading local sales teams.
Ms. Butcher will replace Tracey Grant, who is relocating to Philadelphia for a new role focused on strategic initiatives, according to the memo. Ms. Butcher will also retain her current responsibilities as head of capital formation for Canada.
Steven Leong has been appointed as head of Canada product and markets, while the company announced it will also be hiring for a new position, head of Canada wealth and asset managers. The role will report to Blackrock’s country head of Canada, Marcia Moffat.