BMO Harris adopts web-based platform

BMO Harris Private Banking (BMO Harris), one of Canada’s largest wealth managers, has implemented the web access tools of Charles River Development, a front- and middle-office investment software provider.

Adopting the Charles River platform will help the firm focus on issues facing advisors, says Richard Mason, head of investment management, BMO Harris Private Banking.

“Canada’s wealth management marketplace is becoming a much more complex environment,” he says. “The ability to understand clients’ issues, and provide dynamic portfolios properly aligned to those issues, is absolutely critical. This requires appropriate investment in technology tools and architecture. Charles River really puts us into a new world in terms of scalability and functionality, so we can deliver, better, more efficient and timely solutions.”

The project is part of BMO Harris’ initiative to manage for growth by automating its domestic and international equities, fixed income, and mutual fund portfolios on a single, consolidated platform that offers remote access via the internet. Deployment of these web access tools allows advisors to remotely monitor and manage portfolios, compliance, trades and post-trade information in real-time for wealth management clients.

“Having our entire organization working with Charles River has created significant efficiencies between our portfolio managers, traders and compliance officers,” said Lara Arabian, director of strategic initiatives, BMO Harris Private Banking. “Previously, we were dependent upon complex spreadsheets, and manual re-entry of orders and trades. Now, we can easily submit trades and orders, rebalance portfolios, and handle large policy trades; taking into consideration all client and firm compliance rules throughout the trading process.”

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