Bank of Montreal 1998 Annual Report Download - page 48

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40
BANK OF MONTREAL GROUP OF COMPANIES
INVESTMENT AND CORPORATE BANKING
INVESTMENT AND CORPORATE BANKING ($ millions except as noted)
As at or for the year ended October 31 1998 1997*1996*1995*1994*
Net interest income 365 285 192 171 142
Other income 1,430 1,534 1,232 860 600
Provision for credit losses 01 006
Non-interest expense 1,477 1,328 1,052 801 532
Income before taxes 318 490 372 230 204
Income taxes 131 210 164 106 89
Net income 187 280 208 124 115
Average assets 95,382 80,615 53,584 45,563 32,681
Average current loans 31,573 25,279 14,879 11,992 9,215
Securities purchased under resale agreements 27,160 21,379 12,514 10,236 7,997
Average deposits 65,087 49,891 38,389 34,604 27,178
Assets under administration 51,102 41,919 34,176 26,289 22,005
Assets under management 16,565 16,516 10,597 8,488 8,987
Full-time equivalent staff (a) 5,137 4,915 NA NA NA
Expense-to-revenue ratio (%) 82.3 73.0 73.9 77.8 71.8
*Restated to give effect to the revised 1998 organization structure
(a) As at October 31
NA – Not available
WEALTH MANAGEMENT:
The wealth management business is a key priority for the Bank of Montreal Group of Companies reflecting
very favourable demographic trends and our strong expertise in retail financial advisory markets on both
sides of the border. The wealth management business has a broad reach across several entities within the
Bank of Montreal Group which combine to offer a significant range of products and services.
Wealth management efforts are focused along four lines:
■mutual funds and other packaged products;
■retail wealth management services provided by the full-service brokerage division of Nesbitt Burns;
■discount brokerage operations; and
■institutional money management.
The mutual fund family encompasses a combination of no-load and load funds including: First Canadian
Funds, Harris Insight Funds, Jones Heward Funds and Nesbitt Burns Funds. The growth of the funds
was fueled by our innovative product packaging and distribution capabilities. Matchmaker®
, a strategic
asset allocation product launched in 1997, continues to enjoy great success. All of our funds are
distributed through proprietary channels.
Wealth management products and services are delivered to high net worth clients on a bundled or
unbundled basis through a combination of discretionary and non-discretionary products and services.
Nesbitt Burns has 1,400 investment advisors who provide full-service investment advice from 140 offices
across Canada. As well as traditional investment products, Nesbitt Burns offers a wide range of propri-
etary products, including management account programs and Nesbitt Burns Pathfinder, a comprehensive
investment and retirement planning program. In addition we offer investment products and services
through Harris Trust in the United States, and through Bank of Montreal Private Client Services, Jones
Heward, The Trust Company of Bank of Montreal and InvestorLine®
.
InvestorLine, offered by our discount brokerage subsidiary Bank of Montreal Investor Services Limited,
provides clients in Canada with direct electronic access to their trading accounts.
Institutional money management is conducted through Jones Heward Investment Counsel and Harris
Investment Management, Inc. Teams of investment counselors manage pension funds, endowments and
other large corporate investment programs.
®Matchmaker and InvestorLine are registered trade marks of Bank of Montreal.
9897969594
ASSETS UNDER
MANAGEMENT AND
ADMINISTRATION
AND ANNUAL GROWTH
Assets under administration
($ billions)
Assets under management
($ billions)
67.7
58.4
44.8
34.8
31.0
15.8
30.5
28.7
12.2
55.7
Annual growth (%)