In a deal worth $167m Bank of Montreal has acquired the business for Harrisdirect, the bank's direct investing business in the United States.
BMO chairman and CEO Tony Comper said that 'this acquisition continues the build out of the national platform for our wealth management business in the United States.....our growth strategy is to expand selectively and substantially in the US, while continuing to invest in our core Canadian franchise.'
The deal is BMO's eighth in the US in the last two years.
Morgan Stanley's On-Line Dreams End
Just a few years ago on-line brokerage was the place to be and any major brokerage firm that did not have an internet piece to its business was considered to be a dinosaur. Underlining how much things have now changed is the decision by Morgan Stanley to sell its self-directed online business to Bank of Montreal (BMO).
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