Toronto-based BMO Harris Investment Management, the investment management arm of BMO Harris Private Banking, has expanded the investment objective of the BMO Harris Diversified Trust Portfolio, established in November 2002, to provide income by investing primarily in a diversified portfolio of Canadian securities. This is broader than the fund's prior mandate, which was focused on investments structured as income trusts. The fund's name has also been changed to the BMO Harris Diversified Yield Portfolio to reflect the new strategy. "A few factors spurred the broadening of the fund's mandate," said BHIM portfolio manager Lutz Zeitler. "The first was the Canadian government's decision to reduce the tax advantage that the income trust structure provided to businesses. Also, our expectation for traditional fixed income solutions to underperform equity markets meant that we had to consider other options to maintain a yield component within an investor's portfolio." BMO Harris Private Banking is part of BMO Financial Group's Private Client Group, which provides integrated wealth management services in Canada and the US and had total assets under administration and term investments of $277.19 billion as at 31 July 2007.