Dain Rauscher Names Peter Armenio to succeed Ronald Tschetter as head of ITS Private Client Group.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Nov. 21, 2000 Tschetter to retire in 2001, as previously planned Dain Rauscher today named Peter Armenio, currently the managing director of RBC RBC red blood cell. RBC or rbc abbr. red blood cell RBC, n See red blood cell count. RBC red blood cells; red blood (cell) count (see blood count). Dominion Securities' Canadian private client division, to succeed Ronald A. Tschetter as president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Dain Rauscher's private client group. Tschetter, whose plan to retire early in 2001 was announced within Dain Rauscher earlier this year, will remain active in the firm for several months to ensure a smooth transition. Dain Rauscher's acquisition by Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. (RBC) was announced September 28 and will close by year end or early 2001. Armenio's new job will begin January 1, 2001, or following the close. Armenio, 44, is an 18-year veteran of RBC Dominion Securities
Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against . RBC Dominion Securities is the Canadian broker-dealer that will be Dain Rauscher's counterpart within the Royal Bank of Canada organization once the transaction closes. "Peter was the perfect candidate for this key position in our organization," stated Irving Weiser, Dain Rauscher's chairman, president and chief executive officer. "He has the breadth of experience and a track record of success to take our private client organization to the next level." Management had conducted a search for Tschetter's replacement since he announced his plan to retire earlier this year. "We saw many exceptional candidates," Weiser said. "After the RBC transaction was announced, we included people from RBC Dominion Securities in our search. It didn't take long for Peter Armenio's name to rise to the top of our list. In our conversations with him we became convinced he would be good fit for our management team." RBC's private client division's 1,500 investment advisors Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and and $71 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. is similar in size to Dain Rauscher's 1,200 investment executives and $68 billion assets under management. Armenio was born in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . He graduated from Concordia University in Montreal with a business degree. He and his wife, Louise, have three children. Tschetter, 59, started work at Dain Bosworth in 1973 as an institutional investment executive in its newly formed Fixed Income Group, rising to manager of the fixed income sales department. He moved to the company's Private Client Group in 1982 as a regional director and was named executive vice president in 1991. He led the consolidation of Dain Bosworth and Rauscher Pierce Refsnes in 1998, becoming president of the combined Dain Rauscher PCG PCG phonocardiogram. , and in 1999 he added responsibility for Dain Correspondent Services. Earlier in his career, Tschetter was a sales and marketing representative for 3M and a Peace Corps volunteer in India. "Ron has been an integral part of the success of this company," Weiser said. "Under his guidance, PCG has doubled in size and has become a very strong competitor in a volatile market. He has taken on every challenge we have sent his way, and he has thrived. We'll miss his guidance and leadership, but he has left the organization in an excellent position from which we can build into the future." Dain Rauscher Corporation is one of the nation's largest full-service securities firms with 1,200 investment executives and 3,800 employees. The company's broker-dealer, Dain Rauscher Incorporated, serves individual investors and small business owners through offices predominantly in the western half of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , and capital markets and correspondent clients in select U.S. and European markets. Founded in 1909, Dain Rauscher Incorporated is a member of the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and other major securities exchanges, as well as the Securities Investor Protection Corp. The company's headquarters are at Dain Rauscher Plaza, 60 S. Sixth St., Minneapolis, 55402-4422. NOTE: Photos are available upon request. Contact Dan Callahan for more information. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion