BMO Global Asset Management [profile] and the financial software provider FIS are cozying up to provide for the trust and investment management services firm, Farmers and Merchants Trust. FIS will bring the technology know-how to the partnership, while BMO offers its intermediary sales and asset management. Farmers and Merchants Trust focus is in California
Working together, FIS and BMO will strive to provide Farmers and Merchants' clientele a varied suite of wealth management solution including fiduciary accounting and reporting, front-office administrative and management portals, automated compliance tools, real-time portfolio management, daily performance measurement, and real-time client and third-party web-based account access and transaction initiation.
BMO already caters to more than 70 trust companieswith its Trust Outsourcing – Trust and Custody Services among other solutions.
Through its Enterprise Solutions business, BMO offers such services as:
Trust Outsourcing – Trust and Custody Services: Providing our clients with an industry leading trust and custody platform. Strategic Partnerships – Retirement Services: Providing our clients with the ability to offer retirement services, including recordkeeping and retirement plan administration. Intermediary Sales – Asset Management: Developing and maintaining relationships with clients that provide third party distribution of BMO Asset Management, including the BMO Funds.
See the full press release below.
Company Press Release
BMO Global Asset Management and FIS Announce
Partnership with California-Based Farmers and Merchants Trust Company
CHICAGO, August 21, 2013 – BMO Global Asset Management and FIS™ (NYSE: FIS), jointly announced today that they have formed a strategic alliance with Farmers and Merchants Trust Company. Under this Enterprise Solutions partnership, BMO and FIS will cooperatively provide Farmers and Merchants Trust with an industry leading trust and custody platform – developed by FIS’ technology specialists and serviced by BMO Global Asset Management’s dedicated team of trust operations and custody professionals.
“The combination of FIS and BMO Global Asset Management links the industry leading custody platform with a premiere trust outsourcing service provider. Together, their proven track record in product development and client service gives us the ability to focus on serving our current and future customers," said Frank Tabar, Vice President, Strategic Risk and Operating Officer, Farmers and Merchants Trust.
"For almost a century, Farmers and Merchants has provided clients throughout California with service excellence. Their commitment to their clients closely mirrors that of the relationship between BMO and FIS. Together, we will strive to provide best-in-class trust and custody solutions to multiple generations of clients throughout California," said Wayne Klomstad, Director of Trust Outsourcing-Trust and Custody Services, BMO Global Asset Management.
FIS will be providing a fully integrated trust and wealth management technology platform including fiduciary accounting and reporting, front-office administrative and management portals, automated compliance tools, real-time portfolio management, daily performance measurement, and real-time client and third-party web-based account access and transaction initiation. In addition, Farmers and Merchants will gain operational efficiencies and cost savings with the additional FIS integration of electronic bill payment and the AML Premier Compliance Suite.
“The combination of FIS and BMO Global Asset Management will enable Farmers and Merchants to provide their clients exceptional service based on a comprehensive client view and advanced client access capabilities,” said Anthony Jabbour, EVP, North American Financial Institutions, FIS. “This partnership is further proof that we’re delivering wealth management solutions that are bringing real benefits to the market for a wide range of clients.”
Through the company’s efforts in Enterprise Solutions, BMO Global Asset Management offers both holistic and individually-provided outsourced solutions to clients in the financial industry, such as insurance, actuarial, and consulting firms, as well as other banking institutions. Current clients include more than 70 nationally recognized trust companies. The primary enterprise solutions offered to clients are:
Trust Outsourcing – Trust and Custody Services: Providing our clients with an industry leading trust and custody platform.
Strategic Partnerships – Retirement Services: Providing our clients with the ability to offer retirement services, including recordkeeping and retirement plan administration.
Intermediary Sales – Asset Management: Developing and maintaining relationships with clients that provide third party distribution of BMO Asset Management, including the BMO Funds.
Farmers and Merchants Trust Company provides full-service traditional personal trust management for a range of clients and is the oldest, continuously operating trust company in California.
For more information about BMO Global Asset Management, visit HYPERLINK "http://www.bmo.com/gamus" \o "http://www.bmo.com/gamus"http://www.bmo.com/gamus.
For more information about FIS, visit HYPERLINK "http://www.fisglobal.com" www.fisglobal.com.
About BMO Global Asset Management
BMO Global Asset Management is a global investment manager with more than $125 billion ?in assets under management as of April 30, 2013, including discretionary and non-discretionary assets under management.
Our two multi-disciplined teams are based in Toronto and Chicago/Milwaukee, and our network of world-class boutique managers is strategically located across the globe. They include Monegy, Inc., Pyrford International Ltd., Lloyd George Management and Taplin, Canida & Habacht, LLC. BMO Global Asset Management delivers service excellence from offices throughout North America, and in London, Abu Dhabi, Mumbai, Beijing, Shanghai, Hong Kong, Melbourne and Sydney. Our approach has led us to be recognized by Pension & Investments as one of the world’s largest 100 asset managers based on combined assets under management as of December 31, 2012.
We are a part of BMO Financial Group (NYSE: BMO), a fully diversified financial services organization with $555 billion total assets and more than 46,000 employees as of April 30, 2013.
About FIS
FIS is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 35,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 434 on the Fortune 500 and is a member of Standard & Poor’s 500® Index.
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Disclosures
BMO Retirement Services and Trust and Custody are a part of BMO Global Asset Management and a division of the BMO Harris Bank N.A., offering products and services through various affiliates of BMO Financial Group.
BMO Global Asset Management is the brand name for various affiliated entities of BMO Financial Group that provide investment management, retirement plan services, and trust and custody. Certain of the products and services offered under the brand name BMO Global Asset Management are designed specifically for various categories of investors in a number of different countries and regions. Products and services are only offered to such investors in those countries and regions in accordance with applicable laws and regulations. BMO Financial Group is a service mark of Bank of Montreal (BMO).
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