(February 4 – 10:30 ET) – Bank of Montreal’s mutual fund division, First Canadian Funds, has launched third-party fund sales through its new CustomSelect program.

Much like BMO’s Matchmaker program for in-house funds, the new program determines an optimal asset mix and then constructs a portfolio using a short list of funds. The list includes both First Canadian Funds and third-party providers such as AGF, Fidelity, Mackenzie and Trimark.

BMO’s Investment Fund Specialists will provide advice on these funds.

The move by BMO comes soon after a similar move to limited in-branch third-party fund sales by CIBC. TD began selling third-party funds in 1996. It added a pilot program to offer advice last May in Vancouver, and now offers advice on eight third-party funds nationwide.