The international wealth arm of Bank of Montreal is growing the number of managers for its discretionary wealth operations, one of its senior Asia figures has said.

The international wealth arm of Bank of Montreal is growing the number of managers for its discretionary wealth operations, one of its senior Asia figures has said.

BMO Private Bank’s Asia head of private banking, Robert Cormie, was quoted by AsianInvestor as saying that his firm will add more managers where needed and add the number of sub-asset classes.

The private bank confirmed details of the report to WealthBriefingAsia.

The manager list is also being expanded to make its asset allocation approach more flexible, the publication quoted Edmund Yun, executive director for investment, as saying.

The publication quoted Cormie as saying that discretionary business is now the main business focus for BMO Private Bank; this arm of the Canadian bank has seen assets rise by 200 per cent since the start of 2013, when it bought the Asian asset management arm of Canadian Imperial Bank of Commerce. As far as BMO PB’s client base, Hong Kong has the largest share, the report said.