The CEO of wealth management firm Canaccord Genuity has died after being taken ill during a triathlon.

Canaccord Genuity has announced that Paul Reynolds, 52, has died in Kona, Hawaii following complications related to a health incident while competing in a triathlon. Reynolds leaves behind a wife and four children.

The Canada-headquartered company expressed its appreciation for the man and sent its condolences to Reynolds’ family. It also appointed David Kassie, chairman of Canaccord Genuity, as chief executive with immediate effect. Kassie, who had been made chairman in 2010, will work with the firm’s corporate governance committee to find a successor for Reynolds.

"As the architect of our firm's global transformation, Paul's distinct style of partnership, friendship and respect over three decades of commitment is just part of the legacy he leaves us all," Kassie said in a statement last week. "On behalf of all employees and the board of directors, I extend our deepest condolences and support to Paul's family and to the many people who came to know him as a colleague, mentor and friend,” he said.

Reynolds’ family said it thanked people who had sent messages of support, comfort and prayers.

Canaccord Genuity has offices in 10 countries, including wealth management offices in Canada, Australia, the UK and Europe.