Strategy
BMO Blends Private Bank, Brokerage Into Single Unit
The Canadian bank is drawing together its private bank and brokerage business. The private bank covers clients including those from Asia.
Toronto-listed BMO Financial Group has swept two of its businesses – a private bank and brokerage organization – into a single business known as BMO Private Wealth Canada and Asia.
The lender has unified its BMO Private Banking and full-service brokerage BMO Nesbitt Burns, under one leadership team, it announced this week.
The older brands will continue to be used for clients, the group said. BMO's Canadian Private Wealth business will also continue to build on its linkage with BMO's Private Bank in Asia, to support Asian clientele.
Andrew Auerbach, currently head of BMO Nesbitt Burns, will lead BMO Private Wealth Canada and Asia, it said.
To see a report on a set of UHNW-focused hires at the wealth arm of BMO last year, click here.
