BMO to extend Australian footprint
North American-based investment manager BMO Financial Group has announced it will be extending its footprint in Australia.
The company announced this week that it will be establishing a base for its institutional asset management business in Melbourne, operating as BMO Global Asset Management.
The announcement said the proposed office would focus on sales and serving the needs of Australian institutional investors.
BMO Financial Group has had a presence in Australia since 2004, when BMO Capital Markets Limited opened a representative office in Melbourne offering investment and corporate banking services to global clients doing business in the Asia Pacific region.
Commenting on the move, BMO Financial Group chief executive officer, Private Client Group, Gilles Ouellett said the company believed that with its growing presence in the Asia Pacific it could offer current and potential clients more investment options and easier access to its global network and expertise.
"Australians have more money invested in managed funds per capita than any other economy so there's tremendous upside for our asset management business in the region," BMO Global Asset Management co-chief executive, Barry McInerney said.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
