BMO hires industry veteran to run family office

BMO hires industry veteran to run family office
Shannon Kennedy from Bank of New York Mellon Corp. will lead a team of more than 200 people.
JUN 20, 2019
By  Bloomberg

Bank of Montreal hired wealth management veteran Shannon Kennedy from Bank of New York Mellon Corp. to run BMO Family Office, its newly rebranded division serving ultra-high-net-worth clients. (More:Royal Bank of Canada deal with BlackRock gives it ETF heft without much cost) Ms. Kennedy, 54, who joined the Toronto-based bank last week, will lead a global expansion of the unit, with a team of more than 200 people, the company said Thursday in an emailed statement. She'll be based in her native Chicago. The move comes amid a boom in the formation of family offices, firms that manage ultra-affluent families' assets, often surpassing $500 million. There are more than 10,000 single-family offices worldwide, according to a report from EY. BMO's expansion reflects a general push among private banks to offer a broader array of services. "We've worked with a lot of multigenerational and multinational families," Ms. Kennedy said in a phone interview. "The generational issues, education and transfer of ownership in businesses are the same thing that happens within financial families." Ms. Kennedy worked at BNY Mellon for six years, most recently as president of U.S. markets in the Southwest. She previously was director of global family and private investment offices at Northern Trust Corp. (More: Fleming's Rockefeller Capital may buy into Silicon Valley wealth firm) "Ultra-high-net-worth families are often global citizens, and their interests and their needs will go beyond borders," Darrel Hackett, president of BMO's wealth management division, said in the interview.

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave