Brokerage firm BMO Nesbitt Burns has selected StarMine to provide an externally audited measure of its research department’s stock picking performance.

StarMine, an independent, San Francisco-based firm, provides objective ratings of securities analysts by measuring them on their stock-picking performance and the accuracy of their earnings forecasts.

“StarMine will provide us with an arms-length validation of our research track record,” said Mike Miller, head of investment research, BMO Nesbitt Burns. “Their service will also provide us with additional tools to measure our analysts’ individual value-added. These tools will be used in analyst performance reviews and as a factor in determining their compensation.”

Joe Gatto, founder and CEO of StarMine, noted “BMO Nesbitt Burns is demonstrating both leadership and commitment to delivering research that serves the interests of investors.”

In the 2003 Financial Post/StarMine Canadian Awards released in May, BMO Nesbitt Burns had eight analysts with top-three rankings and four with first place finishes – more than any other Canadian firm. The survey measured over 600 analysts in 16 sector categories.