Canadian Imperial Bank of Commerce’s CM-T chief executive of asset management David Scandiffio's retirement announcement comes two months after CIBC said it was merging its U.S. and Canadian asset management businesses.Christopher Katsarov/The Globe and Mail
Canadian Imperial Bank of Commerce’s CM-T chief executive of asset management is retiring from the bank this spring after a decade of leading the retail and institutional businesses.
David Scandiffio, president and CEO of CIBC Asset Management, will depart the bank on April 30, according to an internal memo reviewed by The Globe and Mail.
As of Jan. 22, Mr. Scandiffio, who is also an executive vice-president and member of the CIBC Wealth Management executive team, has moved into a special adviser role, and will continue to support the asset management business, the memo says.
“Throughout his tenure, David helped modernize and digitize our retail client investment platforms, while deepening collaboration across personal and business banking and private wealth,” said Eric Belanger, head of CIBC global asset management, in the memo.
CIBC and Mr. Scandiffio did not respond to requests for comment.
The retirement announcement follows two months after CIBC announced it was merging its U.S. and Canadian asset management businesses. At the time, Mr. Belanger – who spent more than 18 years in various roles at CIBC capital markets – was appointed head of global asset management.
The bank did not announce a direct replacement for Mr. Scandiffio. However, as a result of the retirement announcement, all of his direct reports will now report to Mr. Belanger, effective immediately, the memo says.
Mr. Scandiffio, 54, is an industry veteran with more than 30 years of investment fund experience. He first joined the bank in March, 2015. Prior to CIBC, he spent 12 years as president of iA Clarington Funds, and nearly a decade with mutual fund giant Mackenzie Investments, where he began his career.