BMO (Bank of Montreal) has announced a merger between its private banking business and its full-service brokerage arm to create a new entity.
The entity created through the merger of BMO Private Banking and brokerage BMO Nesbitt Burns will operate under the name BMO Private Wealth Canada and Asia.
The brands of the private banking and brokerage units will be retained for use by clients, BMO Financial said.
BMO Wealth Management group head Joanna Rotenberg said: “Our goal is to be our clients’ trusted adviser for all financial decisions that impact their lives.
“We are staying ahead of clients’ evolving needs, and delivering best in class advice for high-net-worth families – providing an integrated, team-based experience in a range of specialised areas.”
The combined group will be managed by a single leadership team spearheaded by BMO Nesbitt Burns head Andrew Auerbach.
“Our BMO Private Banking and BMO Nesbitt Burns teams each have deep advisory expertise, and are driven by a focus on clients. Bringing the best of both teams’ capabilities will provide clients with even greater outcomes,” Auerbach noted.
In an effort to support Asia clients, BMO’s Canadian Private Wealth arm will maintain its linkage with BMO’s Private Bank in Asia.