Tony Fell, the man who built Dominion Securities, has finally closed out a 48-year career on Bay Street, announcing yesterday that he is to step down as chairman of RBC Capital Markets at the end of December.
Widely regarded as one of the hardest-working investment bankers in Canada, Mr. Fell said he has been considering retirement for about three years. "But there was always one more deal to be done," he said.
Mr. Fell joined the research department of Dominion Securities as a 20-year-old in 1959. By the time the company merged with Harris & Partners Ltd. in 1973, Mr. Fell had risen through the ranks and was appointed president of the combined company.
In the following two decades, Mr. Fell guided Dominion Securities through a series of mergers, and finally negotiated the sale of a controlling stake in the firm to Royal Bank of Canada in 1988.
"Tony's drive, integrity and entrepreneurial passion ... helped us to build Canada's preeminent investment banking firm both at home and abroad," said Gord Nixon, Royal Bank chief executive, in a statement.
While Mr. Fell may have earned a reputation as a conservative workaholic, he is also well-regarded for his championing of a number of not-for-profit causes.
Among a wealth of positions at charitable organizations, Mr. Fell has been chairman of the Metropolitan Toronto United Way Capital Campaign, governor of the Duke of Edinburgh's Award Program in Canada, chairman of the Princess Margaret Hospital Capital Campaign, chairman of the Board of Trustees of the University Health Network, and chairman of the Arthritis Society Ontario Division.
After he retires from his position with the bank, it is believed Mr. Fell will continue with some of his charitable work. He will also keep an office at RBC's headquarters in Toronto, and he will continue with his work on various corporate boards, including BCE Inc., CAE Inc. and Loblaw Cos. Ltd.
Chuck Winograd, the chief executive of RBC Capital Markets, will add the role of chairman on Mr. Fell's retirement.
