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To: TFF who started this subject	5/10/2002 10:57:45 PM
From: agent99	Read Replies (1) of 12617

More consolidation in discount broker land: B: Bank of Montreal buys Morgan Stanley online investor accounts in $167M deal (Comtex 05/10 09:05:35) TORONTO, May 10, 2002 (The Canadian Press via COMTEX) -- The Bank of Montreal is expanding its wealth management business in the United States by taking over the self-directed online client accounts of the Morgan Stanley individual investor group. The transaction announced Friday morning is valued at $167 million Cdn, or $106 million US). The accounts will be integrated into Harrisdirect, the Toronto-based bank's online investing business in the United States. BMO said the acqusition - its eighth in the United States in just over two years - makes its direct investing business the sixth-largest in North America by number of accounts, with one million active accounts and assets under administration of $60 billion Cdn. BMO's private client group has total assets of $283 billion. "This acquisition continues the build-out of the national platform for our wealth management business in the United States under the well recognized Harris name," stated Tony Comper, chairman and CEO of the Bank of Montreal. "Our growth strategy is to expand selectively and substantially in the U.S., while continuing to invest in our core Canadian franchise." The Morgan Stanley transaction "is expected to have nominal impact on cash earnings per share in year one and be accretive thereafter," a BMO statement added. The online source for news sports entertainment finance and business news in Canada Copyright (C) 2002 The Canadian Press (CP), All rights reserved

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