Mr. Taylor: BMO Harris is the organization responsible for managing the assets of Bank of Montreal's Canadian discretionary individual clients who have a minimum of $500,000 of investable assets. Total assets are now about C$11 billion. Our average client is about $2 million. We have our share of clients of $50 million or $100 million or $150 million. Of our $11 billion, we run about 45% of it in-house. I have a team that works with me on the management of Canadian equities. The other thing that we do internally is asset mix, which is an important part of the investment process as far as we're concerned. Then we outsource our other mandates beyond Canadian equities and beyond asset mix. We have another section of the bank, Jones Heward Investment Counsel, that manages our bond and money market portfolios for us. We have Harris Investment Management in Chicago running our US equity core product for us, and then we go truly third party with about six or seven different mandates. It is important to note that there are some meaningful differences between the Canadian and US equity markets. While our Canadian equity market is relatively efficient, it certainly is not as efficient as the S&P 500 and I'd argue there is opportunity for active investors to provide some added value over passive returns in our home equity market. So one of the key levers that we utilize in managing our client accounts is the active management of Canadian equities and, again, that is done within my group. The other broad philosophy is that we believe that one needs to manage the asset mix profile of a client account through the business cycle, and we do gently lean one way or the other along the cash/bond/equity spectrum to reflect our view of where we are in the business cycle. At the Canadian equity level we do manage a few different styles of portfolios — income style, a core value style and a growth style. We believe that both fundamental input in the form of good old-fashioned, security-specific research is important (I have a small team of research analysts who do that for me) and quantitative tools can be of great value in screening our Canadian equity universe to identify stocks with attractive tendencies. We do use quantitative tools fairly extensively in the management of our Canadian equities.
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