Harris Nesbitt, the U.S. investment banking arm of Canada's BMO Financial Group, is looking to further expand its asset-backed securities group by hiring four to six originators over the next six months, according to Jeff Phillips, managing director and head of the U.S. securitization group in Chicago. The planned hires will be at the v.p. or associate level and will be based in Chicago or Dallas, Phillips says. He declined to be more specific. Last week, Harris Nesbitt announced the addition of six ABS professionals from RBC Dain Rauscher. Led by Tom Gervais, the Dallas-based team will focus on Rule 144a term sales. Previously the middle market bank had only done commercial paper financings. Phillips says the new Dallas group will complement a 29-person securitization group in Chicago, which focuses on ABCP.
Phillips declined to provide business forecasts, but notes that Harris Nesbitt has grown its securitization group revenues by an average of 30% annually over the past six to seven years. And, with last week's additions, the securitization group has doubled to 35 individuals in the last two years.