BMO Nesbitt Burns today grew its merchant banking line of business with the hiring of four employees in its offices in New York, Chicago and Toronto.

Tim Bowman joins the firm in Toronto as executive managing director, Nesbitt Burns Equity Partners, Beth Johnston holds the same position in Chicago. Rene Benedetto joins Halyard Capital Fund as Vice-President in New York, and Peter Hurwitz joins as managing director and chief administrative officer of merchant banking also in New York. All four will report to.

“The addition of talented, highly experienced private equity professionals such as Tim, Beth, Rene and Peter significantly adds to BMO Nesbitt Burns’ strong merchant banking team on both sides of the border,” said Robert Nolan Jr., executive managing director, BMO Nesbitt Burns, and head of the firm’s merchant banking line of business.

Nesbitt Burns conducts its merchant banking through a series of direct and indirect portfolios diversified by investment type and industry.

These portfolios include BMO Halyard Partners, the firm’s New York-based US$450 million fund, dedicated to global investments in the media, communications and related technology sectors.

Nesbitt Burns Equity Partners, the firm’s merchant bank, which consists of Fund I, a diversified North American fund with direct and indirect portfolio investments, and Fund II, a mid-market, industry-diversified fund, jointly managed in Chicago and Toronto, with a target commitment of $425 million.

The third portfolio is the Investment and Corporate Banking Fund of Funds, a diversified fund of indirect investments.

Based in Toronto, Tim Bowman will be responsible for co-managing the $425 million BMO Nesbitt Burns Equity Partners Fund II and the existing investments in Fund I. Previously, Mr. Bowman was President and CEO of Techbanc Inc., an acquirer of equity positions in both early and later stage technology companies. He was also President of Apex Capital Corporation, which acquired and invested in mid-market North American companies. He was formerly vice-president, corporate development, of Magna International and a partner of the Toronto law firm, Davies, Ward & Beck.

Based in Chicago, Beth Johnston, will also co-manage the Equity Partners Fund II and the existing U.S.-based investments in Fund I. Previously, Ms. Johnston was managing director and founding partner of Chicago-based private equity firm Willis Stein & Partners, L.L.C.

Peter Hurwitz, based in New York, will have broad administrative responsibilities to ensure the effective functioning of the merchant banking operations in Toronto, Chicago and New York. Previously, Mr. Hurwitz was with The Chatterjee Group, where he served as principal and general counsel of this strategic investment firm, formerly affiliated with Soros Fund Management.

Based in New York, Rene Benedetto will be responsible for private equity investments in BMO Halyard Partners in the media and communications sectors. Ms. Benedetto has been actively involved in all aspects of private equity investing for the past six years, most recently as a general partner at Impact Venture Partners, an information technology focused venture capital fund, where she specialized in wireless, content infrastructure and Internet-related investments.