BMO Financial Group is branching out its institutional asset management business in Melbourne, Australia, operating as BMO Global Asset Management. The new office will focus on institutional sales.

To lead BMO Global Asset Management’s efforts in Australia, the firm has appointed Ravi Sriskandarajah as managing director, BMO Global Asset Management. Sriskandarajah was most recently head of institutional distribution in Australia for BlackRock.

“Australians have more money invested in managed funds per capita than any other economy so there’s tremendous upside for our asset management business in the region,” stated Barry McInerney, co-chief executive officer, BMO Global Asset Management. “Since the Australian superannuation system was made mandatory in 1992, it has grown significantly and is the fourth largest in the world.”

BMO’s expansion into Australia follows the 2012 opening of an office in Abu Dhabi. The firm currently manages some $123 billion in assets.

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