Cumberland Private Wealth Management has opened a new branch in Montreal - its first outside of Toronto - in a bid to capture a larger share of the country's high net worth community.

The new office offers discretionary money management services to customers with at least C$1 million ($1.02 million) in investable assets. It is led by Daniel Labrecque, who founded the Montreal-based investment banking company DNA Capital.

"[Montreal] is a perfect fit for us," said Bruce Jackson, the president and chief executive of Cumberland. "The Montreal investment marketplace is quite different from others in Canada. It's always been difficult for outsiders, specifically Anglophones, to break into."