Rohit Mehta will become president, CEO and a director of Horizons ETFs Management (Canada) Inc. effective May 1, the board of directors announced earlier this week.
Jasmit Bhandal, who has served as Horizons ETFs' interim CEO since November 2022, will continue with the organization as chief operating officer and a director, a company spokesman confirmed on Thursday. She has been COO since October 2021, he said.
A wholly owned subsidiary of the Mirae Asset Financial Group, Horizons ETFs currently has 108 ETFs listed on major Canadian stock exchanges, the spokesman said. Those ETFs account for the "vast majority" of Horizons ETFs' more than C$25 billion ($18.5 billion) of assets under management, he said.
"Rohit brings extensive and diverse experience in the investment fund, wealth and asset management sectors, as well as a record of demonstrated success to Horizons ETFs," said Thomas Park, director of Horizons ETFs and Co-CEO of Mirae Asset Global Investments (USA), a unit of Mirae Asset Financial Group, in a Horizons ETFs news release issued Tuesday.
Mr. Mehta currently is a senior vice president and head of distribution for Canadian Retail Asset Management at Guardian Capital. His last day in that position will be April 28, according to Barry Gordon, managing director and head of Canadian Retail Asset Management at Guardian Capital.
"We're very fortunate to have a deep bench on the retail team, and there are a few key individuals who will be given the opportunity to step forward and shine," Mr. Gordon said in an email Thursday when asked about a replacement for Mr. Mehta. "As such, we have no need to try to source a replacement for Rohit externally."
Mr. Mehta is a "very talented guy who has a fantastic future ahead of him at Horizons," Mr. Gordon said.
"We're sorry to see him go, but happy that it's to a firm that is a long-standing great partner of Guardian Capital, and so we look forward to collaborating with him in his new role and building on our current relationship," Mr. Gordon said.
Mirae Asset Financial Group manages approximately $710 billion in assets across 13 countries, the release said.