Bank of Montreal’s Private Client Group has set out its strategy to create a fully integrated North American wealth management business.

“The Private Client Group’s strategy emphasizes the unique synergies of our Canadian businesses and the strength of our Harris brand in the United States. The result will be a fully integrated, North American wealth management firm,” says William Downe, Deputy Chairman, Bank of Montreal, and Chairman, BMO Nesbitt Burns.

In their presentations to the investment community at a special investors seminar, Downe, Private Client Group president and CEO, Gilles Ouellette, CF) Cathy Cranston and the heads of the wealth management lines of business, outlined the bank’s targets for building a North American franchise, including:

>Build the North American sales force in all areas of specialization to 3200 investment sales professionals by 2004;
>Increase U.S. distribution points for wealth management businesses by 25 per year between 2002 and 2004;
>Increase assets under management and administration, including term deposits, to $325 billion by 2004; and,
> Increase revenue by an average 11-to-14 per cent per year from 1999 to 2004.

“By significantly expanding our sales force and the number of physical locations in key U.S. markets, the Private Client Group is now able to offer a full suite of wealth management services to our Canadian and American clients, and to those clients who wish to operate cross border,” said Mr. Ouellette. “We are also expanding our relationship with the bank’s seven million households, which represents a tremendous source of potential new business and revenue growth.”

Since its creation in 1999, Private Client has expanded Harris Private Bank across the U.S. and in May 2000, introduced it into Canada with BMO Harris Private Banking. PCG has also expanded U.S. presence through a continuing series of strategic acquisitions in key markets, with physical locations in 22 of the fastest-growing, most-affluent urban centers. It has continued to grow its advisory network and sales force, which today includes almost 2,200 investment sales professionals across North America and expanded mutual fund products and distribution channels, including the recent acquisition of Guardian Group of Funds.