BMO Financial Group will be establishing a base for its institutional asset management business in Melbourne, Australia, operating as BMO Global Asset Management.
The proposed office will focus on sales and serving the needs of Australia’s institutional investors.
“Australians have more money invested in managed funds per capita than any other economy, so there’s tremendous upside for our asset management business in the region,” said Barry McInerney, co-CEO of BMO Global Asset Management.
“Since the Australian superannuation system was made mandatory in 1992, it has grown significantly and is the fourth largest in the world.”
To lead BMO Global Asset Management’s efforts in Australia, the organization has appointed Ravi Sriskandarajah as managing director.
He has more than 15 years of asset management experience and was most recently head of institutional distribution in Australia for BlackRock.
BMO Financial Group has had a presence in Australia since 2004, when BMO Capital Markets Ltd. opened a representative office in Melbourne offering investment and corporate banking services to global clients doing business in the Asia-Pacific region.