By Staff | April 1, 2010 | Last updated on April 1, 2010
3 min read
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BMO Capital Markets has announced that Perry Hoffmeister will join the firm as head of U.S. investment and corporate banking, effective April 19. He will report to Bill Butt, global head of investment and corporate banking.

“Perry has a tremendous reputation for focusing on clients, and a proven ability to lead large teams of professionals to achieve outstanding business results,” said Butt. “With his vast experience, Perry will be instrumental in ensuring BMO Capital Markets is well positioned to grow our U.S. business and take advantage of new opportunities, especially as the U.S. economic outlook improves.”

Hoffmeister is a veteran dealmaker, with 21 years experience at Lehman Brothers, where he was recently co-head of investment banking for Europe and the Middle East. He has worked on more than a hundred investment banking transactions, with a total value in excess of $200 billion.

“Our number one priority will be to expand our fee-based businesses with core clients,” Hoffmeister said. “As a full service investment and corporate bank, we see a great opportunity to expand the number of new investment banking relationships as clients seek advice on how best to raise capital or take advantage of current market conditions.”

The announcement comes on the same day that BMO Capital Markets opened its new 16,000 square-foot trading floor in Chicago, an event presided over by the city’s mayor. Richard M. Daley.

“I’d like to thank BMO Capital Markets and Harris on your long-term commitment and continued dedication to our City,” Daley said. “I don’t know of any other city in the nation where the relationship between government and business is stronger or more beneficial and BMO and Harris have a long history in supporting Chicago’s growth in this market.”

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Manulife closes purchase of China fund manager

Manulife Financial has completed its purchase of 49% of what was previously known as ABN AMRO TEDA Fund Management Co. Ltd. Under its new title of Manulife TEDA Fund Management Co. Ltd. (Manulife TEDA), it is one of the largest wealth management companies in China that accepts foreign-investments.

“The completion of our new Manulife TEDA joint venture transaction represents another important step forward for our growth plans in China and the Asia region,” said Donald Guloien, president and CEO of Manulife Financial in a press release. “We are excited to be able to offer a combination of insurance, wealth and asset management capabilities in this important region.”

In 2009, Manulife TEDA enjoyed a 45% increase in assets under management with US$4.4 billion invested as of Dec. 31, 2009. Manulife Financial now operates asset management companies in nine of 10 operating territories in its Asia Division.

“With the closing of this transaction, Manulife is now one of the few companies with asset management companies in China, Taiwan and Hong Kong,” stated Marc Sterling, executive vice president of Manulife Financial’s Asia Regional Operations. “[Manulife TEDA] is well-positioned to benefit from growing investor interest in the greater China region.”

Manulife TEDA remains 51% owned by Northern International Trust, a division of Tianjin TEDA Investment Holding Co. Ltd. (TEDA).

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AMF warns on Heritage Benefits Financial Services

The Autorité des és financiérs (AMF) has issued a statement warning investors about a fraudulent company named Heritage Benefits Financial Services Inc. (Heritage).

It is believed that Heritage is operating out of Montreal, cold-calling potential clients, usually foreign investors, to sell investments in the metals market. After opening an account with Heritage, clients are allegedly told that their account has been overdrawn, sometimes due to an employee who has been released because of the incident. Clients are then told that they must pay a fee to recover their lost investments. They then never hear from Heritage again.

This company is not registered with AMF or any other Canadian financial regulatory organization. It is believed to be a scam and investors are urged not to give Heritage their money and to never to invest with any financial firm before first confirming that they are properly registered.

(04/01/10) staff


The staff of have been covering news for financial advisors since 1998.