Three months after Peter Clarke announced his intention to pursue other career opportunities, the local arm of UBS Global Asset Management has named a replacement. And the firm, which oversees the management of about $23-billion of pension fund and mutual fund assets, has found Clarke's replacement from outside the company. Effective July 14, Marcel Larochelle joins the firm as head of its Canadian business. Prior to this the Montreal-based Larochelle was with Mercer Investments, Towers Perrin and Buck Consultants. He has split his time between North America (Boston, Montreal and Toronto) and Europe (Paris.) At his new employer, the 45-year-old Larochelle will have a mandate to develop and expand UBS Global Asset Management's institutional, wholesale and consultant relationships. He will be based in the firm's Toronto office. Larochelle, who comes with a CFA, is the fourth person in this position is the past decade. Aside from Clarke, the firm's business has been run by Michael Wilson (the current ambassador to the U.S.) and Victor Dodig (now with CIBC Asset Management.) UBS, a global organization with $781-billion of assets under management, wasn't that well known in Canada as an institutional money manager until it bought RT Capital Management from the Royal Bank of Canada in June, 2001. UBS paid $350-million for the business. At the time RT Capital had $31-billion in assets under management. Barry Critchley ...
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