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Rating:Is BMO's Phil Enochs Like Gen. Patton? Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, June 03, 2014

Is BMO's Phil Enochs Like Gen. Patton?

Reported by Tommy Fernandez

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 while RBC is preparing strike forces. Hancock is putting together its own elite attack teams and has seen some victories in the core equity wars. Touchstone 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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