CEO Fred Tomczyk of TD Ameritrade plans to retire in September.

TD Ameritrade (AMTD) said early Tuesday that President & CEO Fred Tomczyk plans to retire in September 2016.

The company’s board tapped TD Canada Trust President & CEO Tim Hockey to become TD Ameritrade president in January and CEO in September; Hockey also currently heads TD Bank Group’s Canadian banking and wealth management business.

Tomczyk, 60, has been CEO since 2008. He joined the company as a board member following its purchase of TD Waterhouse USA in January 2006 and was named chief operating officer in 2007.

According to the firm, his legacy includes “seven consecutive years of double-digit annualized net new client asset growth, an expanded leadership position in trading and innovation, growth in total client assets from $278 billion in 2008 to nearly $700 billion today, consistent best-in-class employee engagement rates of more than 85% and industry-leading shareholders returns.”

“Throughout his tenure Fred has guided our company through challenging economic times that were far beyond the control of any CEO. And yet, he had the foresight to push ahead – to invest in future growth and to take market share,” said TD Ameritrade Chairman Joe Moglia, in a statement.

Hockey’s primary responsibilities today include leadership of TD Canada Trust, which encompasses Canadian personal banking, business banking and auto finance, as well as oversight of TD’s global wealth management division, which includes the bank’s direct investing, advisory and Canadian asset management businesses.

“Thanks to a close partnership between TD Bank and TD Ameritrade that has grown and evolved over nearly 10 years, I have been able to observe the company, its culture and its operations,” Hockey said, in a press release. “TD Ameritrade has a 40-year legacy of innovation and commitment to its clients, and a strong, vibrant culture that has helped it develop a significant leadership position in a competitive industry. I could not be more excited to join the organization and look forward to doing my part to help build upon that legacy.”

Hockey recently has been in charge of strategy and operations for the firm’s Canadian business, which has annual revenues of about Canadian $13 billion, Moglia says.

“Over a career spanning more than 30 years, he has held senior positions in a variety of areas, including wealth management and information technology, and has a track record of developing organizations with a strong client focus,” explained Moglia in a statement. “After a rigorous process the board was unanimous in selecting Tim as the right person to lead TD Ameritrade going forward and continue our strong momentum.”

Hockey, 52, is an executive member and former chairman of the Canadian Bankers Association.

“While my time here is coming to an end, TD Ameritrade’s vision has never been more relevant,” said Tomczyk, in a statement. “I’ve had the pleasure of working with Tim for more than 20 years. He has a tremendous amount of expertise and passion, and with his leadership, I’m extremely confident in the company’s future.” October, Quarterly Results

In October, TD Ameritrade had an average of 437,000 client trades per day, down 12% from October 2014 and a drop of 2% from September 2015.

The firm had $703.4 billion in total client assets as of Oct. 31, an increase of 6% from last year and a jump of 5% from the prior month. Average fee-based balances total $157.1 billion, up 7% year over year and 3% from last month.

In the quarter ended Sept. 30, TD Ameritrade had net income of $216 million, or $0.40 per share, up 5% year over year. Net revenues also grew 5% to $831 million; 55% of sales are asset based, according to the firm.

Net new client assets were $16.2 billion in the recent quarter, representing an annualized growth rate of 9%. Average client trades per day were about 479,000, up from roughly 434,000 in the year-ago quarter.

The company does not break out its separate business results, such as those for Amerivest, its online retail advice platform, and AdvisorDirect, its service that refers clients to RIAs, in its financial statements.

However, during a conference call with analysts, Tomczyk explained that its institutional business continues to expand: “Net new client assets for the channel were up 16%, driven by growth from both breakaway brokers and existing RIAs. Brokers and investors alike continue to move to the independent RIA model, and we have captured more than our fair share of the trend toward independence.”

— Check out TD Ameritrade Meets Q3 Earnings Expectations, Boosts Sales on ThinkAdvisor.