General George S. Patton was known for rapid, aggressive attacks that broke through vulnerable, less nimble opposition.
You better hope BMO's Phil Enochs
isn't like Patton, or he might roll right over you.
Enochs, whose official title is managing director of relationship management U.S. and international, is the field commander in BMO's organic sales war.
His goal is ambitious, doubling of sales
, and he has already been hard at work marshaling an army
Now, his army has unveiled a shiny new set of armaments, including:
1. New R6 and R3 share classes for four BMO funds
2. New A share classes to 26 existing Funds
3. Six new open-ended funds
Will Enochs be swift and relentlessly brutal? Will he conduct surprise mutual fund guerrilla warfare tactics?
Consider two recent hires that he made, and the thinking behind the hires, and decide for yourself.
Last week, BMO announced the hiring of Daniel Burke
as relationship manager for consultant relations and Michael Albert
as relationship manager for institutional sales.
Regarding the hiring of Burke, who was previously investment director for alternatives at Mercer Investment Consulting
, Enochs had this to say.
We recognize that many, probably two thirds or more, of the institutional clients we reach have a relationship with a consultant. We want to make sure we are developing the right relationships with consultants.
Enochs had this to say about Albert, who was previously with OppFunds
Mike is going to be more focused on delivering sales with institutional clients. He is going to drive those sales mostly through our affiliated resources. He will be working with commercial bankers, driving the expansion of our relationships with existing clients.
An armchair war-history buff might characterize Enochs' strategy as seizing on BMO's existing areas of strength like the BMO Harris
bank presence in the midwest, as well as its institutional relationships, and then barreling through to similar '40 Act Country territory.
Enochs' retail hiring and expanded products lines can be seen as carpet bombing.
To-be-sure, BMO isn't the only major fund firm planning major offensives. Legg Mason lit the afterburners on its sales force
is preparing strike forces
. Hancock is putting together its own elite attack teams
and has seen some victories in the core equity wars
is also at work on various invasion strategies
Which just leaves you with three questions: What kind of general are you? What kind of army do you have? What kind of war are you going to fight?
The tanks are coming.
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