CIXX - CI Financial stock slides as Bank of Montreal's asset management unit snags 13 staff
- Bank of Montreal's ( NYSE: BMO ) asset management arm on Monday has hired 13 of CI Financial's ( NYSE: CIXX ) staff in a bid to expand its investment and portfolio management capabilities in Toronto, Canada.
- Shares of CI Financial ( CIXX ) are sliding 1.4% in early afternoon trading in Toronto, while Bank of Montreal ( BMO ) stock gains 1% .
- The new global equity team is the latest among over 50 recent hires who have joined BMO Global Asset Management in a variety of growth areas ranging from responsible investing to quantitative trading.
- "These experienced professionals with a strong investment track record will help us further broaden our in-house capabilities, innovate, be a market leader and deliver for our clients," Sadiq S. Adatia, chief investment officer, BMO GAM, said in a statement.
- Note that BMO ( BMO ) has total assets of $1.04T as of April 30 and serves more than 12M customers, making it one of the biggest asset managers in North America.
- Previously, (July 21) CI Financial reported June assets of C$333.7B .
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CI Financial stock slides as Bank of Montreal's asset management unit snags 13 staff