BMO buys U.S. investment firm

BMO Financial Group has announced it has will buy Portland, Oregon-based investment firm, CTC Consulting, LLC. The bank says it will combine CYC with its Harris myCFO to create “a leading integrated wealth management firm serving affluent clients.”

“CTC Consulting’s strong client focus aligns perfectly with BMO and complements our existing ultra-high-net-worth investment offering by strengthening our manager research and advisory capabilities, especially in the area of alternative investments,” said Gilles Ouellette, president and CEO of BMO’s private client group.

CTC Consulting’s Executive Committee members will continue to have key leadership positions in the combined firm and clients will continue to work with the same professionals.

BMO went on to say the deal would allow it to expand its ultra-high-net-worth offering into new markets, with an eye on the U.S. Pacific coast, as well as expanding on the eastern seaboard.

“By joining the Harris myCFO family, we’ll be able to broaden and deepen our scope of services and give our clients a greater range of resources to leverage in their efforts to build, protect and enhance their wealth,” said Garb Mechigian, chairman, CEO and managing partner of CTC Consulting.

Terms of the agreement were not disclosed. The deal is expected to be finalized during the calendar second quarter of 2012.

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