TD snags former Pershing executive

Jim Dario, the former head of sales at Pershing Advisor Solutions, has joined TD Ameritrade Institutional as managing director of product management. Mr. Dario, who started at the firm on Tuesday, is heading up strategy and product development at TD Ameritrade, the company said in an announcement. "[Mr.] Dario will oversee new product introductions and the delivery of key solutions including technology integrations, business development tools and investment management products," TD Ameritrade said. TD Ameritrade, the No. 3 player in the RIA custody business, serves more than 4,000 advisers with about $180 billion in assets. PAS, the No. 4 player, custodies more than $100 billion for 540 advisers. “As an industry veteran who has worked in the trenches with advisors, Jim brings a deep understanding and appreciation for the unique challenges and opportunities RIAs face today," said Tom Nally, president, TD Ameritrade Institutional, in a release. Tom Valverde, formerly the director of the central region for Pershing Advisor Solutions, has been promoted to head of sales and relationship management at PAS, taking over for Mr. Dario. "This is a win-win-win for everybody," said Mark Tibergien chief executive officer of PAS, in a statement. "It gives Jim a new career challenge after having done much the same thing for the past 20 years, [it] gives TD somebody with great industry experience" and it allows Pershing to "make some moves we've been contemplating for some time." Mr. Tibergien said Mr. Valverde was recruited to PAS by Mr. Dario three years ago and groomed to take over as head of business development.