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Rating:Who Will Take Over BMO GAM in the U.S.? Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, May 9, 2016

Who Will Take Over BMO GAM in the U.S.?

Reported by Neil Anderson, Managing Editor

One of BMO Global Asset Management's [profile] two co-CEOs is moving on and taking over a Canadian asset manager.

Barry McInerney
Mackenzie Investments
president and Chief Executive Officer
Jeff Carney, president and CEO of Winnipeg, Manitoba-based IGM Financial, confirms that on Friday Barry McInerney took over IGM's Mackenzie Investments subsidiary as president and CEO. McInerney succeeds Carney himself, who had previously also held the president and CEO spots at Mackenzie in addition to leading IGM.

McInerney most recently served as co-CEO of BMO GAM and CEO of BMO Asset Management U.S. and International. Rajiv Silgardo served as co-CEO of BMO GAM alongside McInerney and also serves as CEO of BMO AM Canada. Richard Wilson serves as CEO of BMO GAM EMEA.

MFWire could not immediately reach a BMO spokesperson for comment on who will be taking over BMO AM U.S. and International.

Also on Friday, IGM held its annual meeting and former IGM president and CEO Murray Taylor retired from the company, after having shared the reins with Carney.

McInerney, a native Canadian, has been based in Chicago with BMO. For the Mackenzie job he will be returning to Canada, as he will be based in Toronto.

McInerney calls the Mackenzie job a "great opportunity." He says he "had a great seven-year run" at BMO, which he calls "a terrific company."

An alumnus of the University of Toronto, McInerney joined BMO seven years ago. He previously worked at Russell Investments and Mercer.

IGM and Mackenzie are actually cousins to a trio of familiar firms south of the border: Putnam, Great-West Investments, and Empower Retirement. And Carney himself once worked under Bob Reynolds at Fidelity and then at Putnam. IGM overall has about C$132 billion (about $101 billion in U.S. currency) in AUM. Mackenzie has C$60.7 billion (about $46.8 billion in U.S. currency) in AUM, including C$47.6 billion ($36.7 billion in U.S. currency) in mutual fund AUM.

BMO GAM has more than $230 billion in AUM worldwide, including more than $54 billion in the U.S. 

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