| TORONTO, March 8
BMO Global Asset Management has
laid off several portfolio managers and management staff in a
restructuring of its buy-side equity team, according to two
people familiar with the situation.
The asset management division of Bank of Montreal,
Canada’s fourth-biggest lender, has cut the size of the team to
about 13 members, from about 21 previously, the people said on
Tuesday and Wednesday, speaking on condition of anonymity
because the matter is confidential.
The changes have affected some portfolio managers and
management-level staff, the people said, but traders and
research analysts have not lost their jobs.
The cuts in the Canadian division signaled a shift away from
active management, at a time when competition from
exchange-traded funds and index funds is increasing. BMO itself
has pushed aggressively into the ETF space.
A BMO Asset Management spokesman did not immediately respond
to a request for comment.
Lesley Marks, head of the Canadian fundamental equities
team, will leave as part of the overhaul, the people said. Marks
oversaw portfolio management and research for fundamental
Canadian equity strategies at BMO.
Portfolio managers Gino Di Monte and Jeff Bradacs will
depart as well, the people said. Both had focused on Canadian
large cap equities.
BMO Global Asset Management ranked 55th among global
investment firms based on worldwide assets under management in
2015, according to Pensions & Investments.
(Additional reporting by Rod Nickel; Editing by Meredith