BMO Financial has reported a net income of C$218 million (US$207 million) in its private client group (PCG) for the third quarter of fiscal 2013, compared to C$109 million (US$103 million) for the same period of fiscal 2012.
The profit at PCG, which features wealth management and insurance, increased mainly due to rise in long-term interest rates.
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The division’s assets under management and administration increased 13% to C$527 billion in the quarter, with assets under management up 11% year over year, driven mainly by growth in new client assets coupled with market appreciation.
In June 2013, BMO Global Asset Management unveiled plans to expand its global footprint by opening a new office in Australia.
The company’s total net income increased 17% to C$1.14 billion in the third quarter, compared to C$970 million a year ago.
BMO Financial president and CEO Bill Downe, said PCG posted record earnings in traditional wealth, up 37% year over year.
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By GlobalData"Looking forward, we see opportunities for growth in each of our businesses in an improving North American economy led by the United States, and this gives us confidence we’re well positioned heading into 2014," Downe said.
