(June 15 – 10:50 ET) – Bank of Montreal Group of Companies is expanding its wealth management operations in the United States by acquiring Seattle-based direct brokerage firm Freeman Welwood. The transaction is valued at $140 million and is subject to regulatory approval.
“The acquisition of Freeman Welwood significantly increases our direct brokerage capabilities in the U.S. market and provides the scale to further expand our electronic and full-service brokerages and private banking businesses in the United States,” Tony Comper, chairman and CEO, Bank of Montreal Group of Companies, said in a press release. “Freeman Welwood is a respected, well-run and profitable company that has shown consistent growth, making it an excellent addition to the wealth management operations of Harris Bank and Bank of Montreal.”
Freeman Welwood adds 90,000 accounts to the bank’s direct brokerage client base in the U.S. and has C$7 billion in assets under administration.
Freeman Welwood will be integrated with Harris InvestorLine direct brokerage. There will also be a close relationship with Bank of Montreal’s Canadian direct brokerage, BMO InvestorLine,. Combined, Bank of Montreal and Harris Bank have over seven million retail clients in North America.
“Freeman Welwood gives us a well established platform to provide direct investing and allows us to move Harris Private Banking professionals into key locations in the Northwest and West Coast to provide a full suite of wealth management services,” said Gilles Ouellette, president, Bank of Montreal Private Client Group.
-IE Staff