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BMO takes on tough Australian asset managers Add to ...

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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.

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