BMO Nesbitt Burns
| File:BMO Nesbitt Burns logo.svg | |
| Subsidiary | |
| ISIN | 🆔 |
| Industry | Financial services, Private wealth management, Investment management |
| Predecessor | Nesbitt, Thomson & Co., Burns Fry |
| Founded 📆 | 1987 (acquisition of Nesbitt Thomson) |
| Founder 👔 | |
| Headquarters 🏙️ | , , |
Area served 🗺️ | |
| Members | |
Number of employees | |
| Parent | Bank of Montreal |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
BMO Nesbitt Burns is an investment management firm based in Toronto, Canada. It operates as a subsidiary of BMO Financial Group, which in turn is part of the Bank of Montreal.
History[edit]
In 1987, BMO Bank of Montreal acquired Nesbitt Thomson, then one of Canada's oldest investment houses. In 1994, BMO Bank of Montreal also acquired Burns Fry, a dealer of Canadian equities and debt securities. Nesbitt Thomson and Burns Fry then merged to become BMO Nesbitt Burns.[1]
In 2009, BMO Nesbitt Burns sued one of its retail investment advisors for $10 million for theft.[2] Also in 2009, the company paid a $50,000 fine to settle a failure to maintain a certain level of "risk-adjusted" capital in 2007, settling with the Investment Industry Regulatory Organization of Canada (IIROC).[3] In 2010, the Ontario Securities Commission fined BMO Nesbitt Burns $3.3 million for its "involvement in the initial public offering of FMF Capital in 2005." BMO Nesbitt Burns had collected $4.41 million in fees for leading the sale.[4]
After the case was filed in 2013,[5] in 2016, BMO Nesbitt Burns settled for $12.5 million over a class action lawsuit filed against the company for unpaid overtime.[6] In 2015, Charyl Galpin became head of BMO Nesbitt Burns.[7] She departed in 2017 and was replaced by Andrew Auerbach on February 1, 2018.[8] In 2018, BMO Nesbitt Burns Inc. co-led a $100 million investment in Cronos Group, a marijuana company.[9] In June 2019, BMO Nesbitt Burns closed a number of mutual funds due to upcoming changes in the Income Tax Act in Canada.[10]
References[edit]
- ↑ https://www.bmo.com/bmo/files/images/4/1/BMOHistoryEng.pdf
- ↑ Middlemiss, Jim (September 18, 2009). "BMO sues one of its own former advisors". www.financialpost.com. Financial Post. Retrieved January 30, 2009.
- ↑ Shecter, Barbara (May 22, 2009). "BMO Nesbitt Burns pays more than $50,000 to settle breach". www.ottawacitizen.com. Financial Post. Retrieved January 30, 2020.
- ↑ "BMO Nesbitt Burns fined $3.3M by OSC". www.cbc.ca. CBC News. November 10, 2010. Retrieved January 30, 2020.
- ↑ Nelson, Jacqueline (August 21, 2013). "Judge approves BMO advisers' overtime lawsuit". www.theglobeandmail.com. The Globe and Mail. Retrieved January 30, 2020.
- ↑ Hasselback, Drew (July 25, 2016). "Ontario judge approves $12M settlement in BMO Nesbitt Burns overtime class action". www.financialpost.com. Financial Post. Retrieved January 30, 2009.
- ↑ Nelson, Jacqueline (January 30, 2015). "Banking's in her blood: From teller to the top at BMO Nesbitt Burns". www.theglobeandmail.com. The Globe and Mail. Retrieved January 30, 2020.
- ↑ Doiron, Moe (January 12, 2018). "New BMO Nesbitt Burns head faces in-house challenges". www.theglobeandmail.com. The Globe and Mail. Retrieved January 30, 2020.
- ↑ Rendell, Mark (March 22, 2018). "BMO in on $100 million financing deal for cannabis company Cronos". www.financialpost.com. Financial Post. Retrieved January 30, 2009.
- ↑ Burgess, Mark (June 28, 2019). "BMO Nesbitt Burns closes funds, citing proposed tax changes". www.investmentexecutive.com. Investment Executive. Retrieved January 30, 2020.
External links[edit]
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