Wednesday, September 13, 2006

MacBain Bids Farewell to TD Securities

The Globe and Mail, Andrew Willis, 13 September 2006

TD Securities Inc. president Michael MacBain is one of those people who enjoys building a major business, but has less interest in running a small player.

Parent Toronto-Dominion Bank has made it clear in recent years that its capital markets ambitions are regional, not global. So this week, Mr. McBain is saying farewell to the investment banking arm of TD, after closing down a number of the dealer's international operations, including its European structured finance arm.

Over 12 years at TD Securities, Mr. MacBain rose swiftly through the fixed-income ranks, and he departs on good terms with the organization after spending the last year refocusing several business lines on the North American market.

With his departure, TD Securities CEO Bob Dorrance is expected to tweak the management structure, but no changes have been announced yet.

Mr. MacBain plans to spend the next few months weighing his career options -- it's known as a gardening leave on the Street -- then return to the financial industry.