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BMO Capital Buys Assets From Paloma Hedge Fund

Date: Tuesday, November 17, 2009
Author: Doug Alexander, Bloomberg.com

BMO Capital Markets, the investment- banking business of Bank of Montreal, hired a team and bought assets from Paloma Securities LLC to expand its securities- lending business.

Bank of Montreal added 42 people from the lending unit of the Greenwich, Connecticut-based hedge fund, the Toronto-based bank said today.

“The addition of this lending team from Paloma Securities complements our existing capability in North America and provides a platform to build on for future opportunities,” BMO Capital Markets Chief Executive Officer Tom Milroy said in a statement.

The purchase price wasn’t disclosed by Canada’s fourth- biggest bank.

To contact the reporter responsible for this story: Doug Alexander in Toronto at dalexander3@bloomberg.net