BMO Nesbitt Burns current head Andrew Auerbach will manage the operations of BMO Private Wealth Canada and Asia.
Auerbach said: “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.”
Clients can continue to use BMO Private Banking and BMO Nesbitt Burns brands.
Global Finance has named BMO Private Banking as best private bank in 2018, while World Finance Private Bank also announced as the best private bank eight years in a row. BMO Nesbitt Burns has secured recognition for its full-service brokerage services
BMO’s Canadian private wealth business will also continue to work with BMO’s private bank in Asia to serve its Asian clientele.
BMO Wealth Management group head Joanna Rotenberg said: “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 specialized areas.
“Andrew is one of BMO’s most respected senior client leaders, with a proven track record in wealth management and personal and business banking.”
Claimed to be the eighth largest bank, by assets in North America, BMO provides diversified financial services to its customers. It has total assets of $774bn, as of October 2018.
BMO manages three operating groups, including personal and commercial banking, BMO Wealth Management and BMO Capital Markets.
The group offers a range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers.
BMO serves Canadian clients through BMO Bank of Montrea, while the US clients through BMO Harris Bank, BMO Private Bank and BMO Capital Markets.
In 2011, BMO acquired Milwaukee-based Marshall & Ilsley Corporation (M&I) and merged with Harris Bank to establish BMO Harris Bank.
