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Bank of Montreal BMO-T appointed a slew of senior banking executives in its private wealth unit as it looks to strengthen its offerings at its biggest revenue generator.

Private wealth contributed 47 per cent to BMO Wealth Management’s total revenue in 2023, according to its annual report.

Insider Meghan Meger was appointed as senior adviser to BMO Wealth, Kevin Barnes, BMO’s North American head of private wealth, wrote in a LinkedIn post on Wednesday.

The private wealth unit caters to high-net-worth and ultra-high-net-worth clients, providing investing, banking and wealth advisory services.

BMO, which competes with Toronto-Dominion Bank TD-T and the Royal Bank of Canada RY-T, also made other senior appointments as competition grips wealth management firms vying for bigger clients.

Craig Meeds, who joins from Toronto-Dominion, will serve as the head of wealth advice in Canada, while Maarten Jansen joins as head of North American products & platforms from RBC Wealth Management, Barnes wrote on Wednesday.

Martha Moen, previously at the Canadian Imperial Bank of Commerce joins as the head of operational excellence and growth.

Editor’s note: An earlier version incorrectly stated that private wealth contributed 47 per cent to the Bank of Montreal's total revenue in 2023. This version has been updated to reflect that it contributed that amount to BMO Wealth Management's total revenue.

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