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September 17, 2021

BMO’s wealth management chief steps down

By Verdict Staff

Bank of Montreal (BMO) wealth management chief Joanna Rotenberg is reportedly departing the bank to pursue a new opportunity.

BMO CEO Darryl White informed staff in an internal memo that Rotenberg will help with the transition over the coming weeks, The Globe & Mail reported.

The bank will announce the new wealth management head ‘in the near future’.

Until the new chief takes over, the senior leaders of BMO’s wealth management will directly report to White.

Having joined BMO in 2010 as head of corporate strategy, Rotenberg has served several key roles at the firm including chief marketing officer and president of personal wealth.

She took over as head of wealth management in November 2016.

Prior to joining BMO, Rotenberg worked at McKinsey & Co for about nine years. She was also a partner at the firm.

BMO reported a net income of $401m in Q3 2021, $60m or 18% up year-on-year.

Adjusted net income was $406m, a rise of $57m or 16% year-on-year. This was attributed to a 11% increase in net revenue which was offset by higher expenses.

Recent people moves

This week, Swiss wealth management group Julius Baer hired three senior-level professionals to boost its presence in Moscow.

Vladislav Metnev joined as an investment adviser, and both Daria Matusevich and Ekaterina Ardasova joined as relationship managers. The appointments are expected to strengthen the firm’s coverage not only in Moscow, but also in the regions.

The same week, Quilter appointed platform veteran David Tiller as its new commercial and propositions director.

Earlier this month, Northern Trust named Leon Stavrou as the new head of its business in Australia and New Zealand, effective 1 October 2021.

IQ-EQ appointed Alex Dean as the group’s first head of private wealth UK.

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