New Office

BMO Financial Names Former BlackRock Exec To Lead New Australian Office

Vanessa Doctor Asia Correspondent 26 June 2013

BMO Financial Names Former BlackRock Exec To Lead New Australian Office

BMO Financial Group, the Toronto-based asset management firm, has announced plans to open an Australian office to cater to its growing number of institutional investor clients.

Operating as BMO Global Asset Management, the new Melbourne office strengthens its parent firm's existing network in the country by offering current and potential clients a wider range of investment options. The company opened a representative office via BMO Capital Markets in Melbourne in 2004.

"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-chief executive for 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," he added.

Ravi Sriskandarajah has been chosen to lead the new office as managing director. Sriskandarajah most recently served as head of institutional distribution in Australia for BlackRock. In this new role, he will be spending time in both Melbourne and Sydney, responsible for a team of multi-disciplined asset managers based in Toronto and Chicago, and a global network of specialists in Miami, Toronto, London, Mumbai and Hong Kong.

The opening of the new division follows the opening of BMO's Abu Dhabi office in 2012. In just under 18 months, this business has managed to grow its assets under management in the Middle East and North African regions from $466 million to at least $1.5 billion as of 31 May 2013.

Worldwide as of 30 April, BMO Financial Group records C$555 billion ($530 billion) in total assets.

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