Bank of Montreal’s asset management business – BMO Global Asset Management – is on the verge of launching in Australia with the appointment of a full-time marketer for its institutional strategies, following a search by recruitment firm Russell Reynolds.

BMO Global Asset Management, which has total funds under management of about $US70 billion, is headquartered in Toronto and Chicago for its main manufacturing businesses: BMO Asset Management Canada and BMO Asset Management US.

It owns four independently operated boutiques. Its distribution is throughout North America, Europe and Asia – including offices in Hong Kong, China and the Middle East. Australia had been a notable exception.

The boutiques under the BMO umbrella are HK-based Lloyd George Management, Toronto-based Monegy, London-based Pyrford International and Miami-based Taplin, Canida&Habacht.

The recruiter was believed to be at or near the contract stage of the process in Australia last week.