Revenue for the quarter was C$699 million, an increase of $106 million or 18% from the prior year, with growth across all businesses.
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In the fourth quarter of 2011, assets under management and administration improved by C$158 billion to $422 billion. On a basis that excludes both the impact of the acquisitions and the weaker US dollar, assets under management and administration grew C$12 billion or 4.4% from a year ago.
Given the prevailing slow down in the global financial markets, fourth quarter result of BMO’s Private Client Group is quite positive and further strengthen Canada’s reputation as safe destination for wealth management business.
BMO is not the only firm that has posted such a positive result. The wealth management divisions of all four major Canadian banks – Royal Bank of Canada, Bank of Nova Scotia , Toronto-Dominion Bank , and Canadian Imperial Bank of Commerce have registered surge in their net profits on a year-over-year basis in the fourth quarter of 2011.
BMO’s group of wealth management businesses serve a full range of client segments from mainstream to Ultra High Net Worth Individuals (HNWIs), as well as select institutional markets. The firm operates in Canada, the US, the UK and China.
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By GlobalDataMany market analysts believes that the Canadian firm might foray into matured western European markets as it has considerable experience and the financial strength necessary to sustain itself in such a fiercely competitive market.
