Harris Nesbitt, a unit of the Bank of Montreal, intends to bulk up its presence in the term ABS market with its acquisition of a six-person asset finance team from competitor RBC Dain Rauscher.

Harris Nesbitt Head of U.S. Securitization Jeff Phillips said that the new group, led by Managing Director Tom Gervais, has a focus on non-commodity asset types such as reperforming mortgages, in line with BMO's current market focus. However, Gervais' experience in private placements, and in the term market in general, will expand the group's scope.

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