Bank of Montreal 2014 Annual Report Download - page 42
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MD&A
Business Environment, Outlook
and Challenges
Economic growth in Canada improved further to approximately 2.4%
while the United States remained at approximately 2.3% in fiscal 2014.
Canadian and U.S. stock markets recorded year-over-year gains in fiscal
2014 despite recent weakness. Our strong client asset growth and
increase in transaction volumes have benefited from the favourable
investment climate in addition to growth driven by our strategies
focused on enhancing client experience, product innovation and sales
force investments.
In 2015 we anticipate that a sustained level of healthy activity in
equity markets will continue to positively influence both transaction
volumes and asset levels. Interest rates may start to rise in the fall of
2015 in Canada and the middle of year in the United States which will
have a positive impact on our insurance business.
Changing demographics, particularly in the retirement, mass
affluent and high net worth sectors will continue to drive the North
American wealth management industry over the longer term. Tailoring
our offering for key client segments, enhancing our team-based client
service model to provide a holistic approach that supports clients as they
move through different life stages and keeping pace with technology
advancements are ways in which we can continue to meet our clients’
evolving needs.
We have experienced significant growth, both organically and
through strategic acquisitions. Our recent F&C acquisition further
strengthens our position as a globally significant money manager and
supports our plans to offer truly global services to our clients across our
international footprint.
The Canadian and U.S. economic environment in fiscal 2014 and the
outlook for fiscal 2015 are discussed in more detail in the Economic
Developments and Outlook section on page 30.
Caution
This Wealth Management section contains forward-looking statements. Please see the Caution
Regarding Forward-Looking Statements.
Adjusted results in this section are non-GAAP and are discussed in the Non-GAAP Measures section on page 32.
BMO Financial Group 197th Annual Report 2014 53