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
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
