MutualFundWire.com: This $130B Asset Manager Will Double Its Sales and RM Teams in 2014

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Friday, January 10, 2014

This $130B Asset Manager Will Double Its Sales and RM Teams in 2014

The BMO Global Asset Management [profile] team is preparing to double the size of their sales and relationship management forces next year.

Phil Enochs, managing director and head of relationship management for the $130-billion assets under management shop, confirmed that they "will be bringing in new folks through the middle of calendar year 2014 and hopefully beyond."

The external wholesaling force at BMO currently numbers about 35, about 1/3 of which is devoted to retirement services or trust and custody and the rest on pure asset management. Enochs expects that most of the 35 or so new additions to the team will be on the pure asset management side (which includes intermediary, institutional and DC I-O channels).

"At the moment we're focused on adding sales resources and growing the business," Enochs tells MFWire. "Adding more sales people is really just a reflection of our business and our business strategy."

The expansion will involve both subdividing territories and allowing wholesalers to "really go deeper on a territory," Enochs says. And he'll be adding key accounts folks, too. On the relationship management side, BMO currently has 175 people, about 140 of whom are dedicated to client service. 15 of those are senior client asset management specialists. Watch for Enochs to add people there, too.

"The business has continued to evolve," Enochs says. "We want to accelerate that growth."

For example, BMO announced four hires today, consisting of one PM and three distribution executives. The distribution hires consist of Bruce McCutcheon and Diane Jones, both as directors of national accounts for the intermediary distribution team, and Larry Myrold as business development manager on the BMO Retirement Services team.

The press release for today's hires is as follows:

Company Press Release
BMO Global Asset Management Expands Team With Four New Hires

CHICAGO, IL--(Jan 10, 2014) - BMO Global Asset Management today announced four new hires as the firm continues to strengthen its U.S. team.

"We have an exceptional team that has been instrumental in driving the growth of our business. To continue on this path, we're adding a number of talented professionals," said Barry McInerney, Co-CEO, BMO Global Asset Management. "As always, our top priority is providing our clients with service excellence, and our expanded team will help us continue delivering on that promise."

The following individuals have joined BMO Global Asset Management:

Larry Myrold joins as Business Development Manager on the BMO Retirement Services team. Myrold will focus on the development and implementation of business growth initiatives related to key distribution partners across Retirement Services and Defined-Contribution Investment Only (DCIO) channels. He has more than 20 years of industry experience and holds the Certified Employee Benefits Specialist (CEBS) designation from the International Foundation of Employee Benefits Plans. Myrold earned a BBA in Finance from the University of Wisconsin.

Don McConnell joins the Cash Management team as Portfolio Manager for the BMO Short-Term Income Fund and will be responsible for all securitized products. He brings nearly 20 years of fixed income trading, portfolio management and analysis experience. McConnell earned an MBA in Finance from Case Western Reserve University.

Bruce McCutcheon and Diane Jones join the Intermediary Distribution team as Directors of National Accounts. McCutcheon and Jones are responsible for managing and expanding mutual fund, separate account and sub-advisory relationships with the firm's key third-party distribution partners.

McCutcheon has more than 25 years of intermediary sales experience, having most recently managed relationships in the investment-only and institutional channels at a national asset manager. He earned a BA in History from the Lake Forrest College.

Jones has 20 years of experience in the financial services and investment industry, and has an extensive background in client servicing and management. She most recently served as a national accounts manager at a U.S.-based investment manager. Jones earned a BA in Marketing from Adams State College.

"We welcome Larry, Don, Bruce and Diane to our team," added McInerney. "We are confident that they will be key contributors to BMO Global Asset Management as we continue to deliver innovative thinking and highly effective strategies to our clients."

About BMO Global Asset Management

BMO Global Asset Management is a global investment manager with more than $132 billion in assets under management, including discretionary and non-discretionary assets under management, and more than $162 billion in assets under administration as of October 31, 2013.

Our two multi-disciplined teams are based in Toronto and Chicago/Milwaukee, and our network of world-class boutique managers is strategically located across the globe. They include Monegy, Inc., Pyrford International Ltd., Lloyd George Management and Taplin, Canida & Habacht, LLC. BMO Global Asset Management delivers service excellence from offices throughout North America, and in London, Abu Dhabi, Mumbai, Beijing, Shanghai, Hong Kong, Melbourne and Sydney. Our approach has led us to be recognized by Pension & Investments as one of the world's largest 100 asset managers based on combined assets under management as of December 31, 2012.

We are a part of BMO Financial Group (NYSE: BMO), a fully diversified financial services organization with C$537 billion total assets and more than 45,500 employees as of October 31, 2013.

Disclosures

BMO Retirement Services is a part of BMO Global Asset Management and a division of the BMO Harris Bank N.A., offering products and services through various affiliates of BMO Financial Group.

BMO Global Asset Management is the brand name for various affiliated entities of BMO Financial Group that provide investment management, retirement, and trust and custody services. Certain of the products and services offered under the brand name BMO Global Asset Management are designed specifically for various categories of investors in a number of different countries and regions and may not be available to all investors. Products and services are only offered to such investors in those countries and regions in accordance with applicable laws and regulations. BMO Financial Group (NYSE: BMO), is a service mark of Bank of Montreal (BMO).

All investments involve risk, including the possible loss of principal.

Investment products are: Not FDIC Insured | No Bank Guarantee | May Lose Value

(c)2013 BMO Financial Corp.