BMO Investments has announced the launch of four new mutual fund portfolios that invest primarily in the fast growing exchange traded funds industry.

Each ETF portfolio is a class of BMO Global Tax Advantage Funds, a mutual fund corporation, which allows for switching among other covered funds without incurring a taxable event. They complement the two tactical ETF mutual fund products the firm introduced in May this year.

ETFs have been gaining the attention of the world market over the past months as more investors find refuge in alternative assets not directly linked with banking products.

"With the ever growing popularity of ETFs, BMO has been looking at ways to make this investment vehicle available to a wider range of clients. These new portfolios allow retail clients access to this market, in a mutual fund structure they are familiar with, simply by coming and talking to an investment professional," said Serge Pepin, the head of investments at BMO, in a statement.

BMO Investments is part of the BMO Financial Group's Private Client Group, which provides integrated wealth management services in Canada and US. As of 30 April 2010, its total assets under management and administration is at $254 billion.