BMO Financial Group is continuing its U.S. expansion with a US$30 million deal for certain assets of California-based myCFO. myCFO is a provider of customized investment and advisory services to wealthy families.

BMO says the acquisition brings an attractive high net worth client base, a team of professional wealth advisors and capabilities and services that are highly complementary to BMO’s private banking business in the U.S.

myCFO will become part of The Harris, BMO’s U.S. wealth management business, which offers clients direct investing through Harrisdirect and its technology platform, full service investing, mutual funds, institutional money management and private banking.

The myCFO assets includes client centres in six new metropolitan areas previously identified by BMO as targets for private bank expansion: Los Angeles, San Francisco, Orange County and Mountain View, Ca.; Denver; and Atlanta. They will join Harris Private Bank’s existing offices in Arizona, Florida, Washington and Illinois.

The transaction is the ninth by BMO in the U.S. in less than three years. The addition of myCFO’s assets adds approximately US$5.7 billion in assets under administration. The transaction is valued at US$30 million ($47 million). It is expected to close by calendar year-end, subject to regulatory approval.