BMO Financial’s wealth management business has posted a net income of C$190 million for the third quarter of 2014, a decline of 12% compared to C$217 a year ago.
The unit’s assets under management and administration grew by C$251 billion or 48% from a year ago to C$776 billion, with the acquired F&C business contributing C$153 billion to the increase.
Excluding F&C, assets under management and administration grew by 19%, driven by market appreciation, the stronger US dollar and growth in new client assets, the bank said in a statement.
The bank completed the acquisition of F&C on 7 May 2014.
The bank said that F&C contributed approximately 10% to its wealth management’s revenue, adjusted expenses and adjusted net income for the quarter.
For the third quarter ended July 31, 2014, BMO Financial Group reported net income of $1,126 million or $1.67 per share on a reported basis and net income of $1,162 million or $1.73 per share on an adjusted basis.