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The tails bearing the logo of the 'Flying Kangaroo' of Qantas are seen at a terminal of Sydney Airport in this September 9, 2003 file photo.
The tails bearing the logo of the 'Flying Kangaroo' of Qantas are seen at a terminal of Sydney Airport in this September 9, 2003 file photo.
(WILL BURGESS/REUTERS)

BMO takes on tough Australian asset managers

After investing heavily in a manufacturing arm that creates mutual and exchange-traded funds, Bank of Montreal is on the hunt for institutional investors. That has set management’s eyes on Australia.

BMO has already spent a lot of money in the Asia-Pacific region, with sales teams in places like Hong Kong and mainland China, but Australia has so far eluded the bank. To cross the country off its to-do list, BMO announced Tuesday that it hired the former head of BlackRock’s Australian institutional sales to head its new office Down Under.