BlackRock Inc. hired Pat Chiefalo as head of product for its Canadian exchange traded-funds business, the firm said today, as the iShares Canada unit faces increased competition.
Chiefalo joins the firm after Mary Anne Wiley left as head of iShares Canada as its share of the ETF business fell to 64 percent at the end of May from 67 percent at the end of 2013. Market share at Bank of Montreal’s ETF unit, the No. 2 provider in Canada, rose to 22 percent from 20 percent over the same period.
“BlackRock’s commitment to the iShares business in Canada is not only firmly entrenched, but growing,” Noel Archard, head of BlackRock Canada, said in a statement today. “I can think of no person better able to influence that growth than Pat.”
Chiefalo was hired from National Bank of Canada, where he was director of derivatives and structured products, according to the statement. He had a similar role previously at Bank of America Merrill Lynch. He starts his new post Sept. 2.
BlackRock is searching for a replacement for Wiley, Maeve Hannigan, a spokeswoman for the firm said. Warren Collier has been acting head since June.
(An earlier version of this story corrected Chiefalo’s title.)