News Releases

BMO PRIVATE BANK PRESENTS FINE ART OF INVESTMENTS AT SPECIAL NORTON EVENT

WEST PALM BEACH, Fla., (April 25, 2013) – Jack Ablin, Executive Vice President and Chief Investment Officer for BMO Private Bank, was the featured speaker at the Norton Museum of Art recently when BMO Private Bank presented a special evening on the fine art of investments. The event included a reception, dinner and private tours of the Annie Leibovitz exhibition, which is sponsored by BMO Private Bank.

Ablin is an author and frequent contributor to CNBC, Bloomberg, The Wall Street Journal and Barron’s. In addition to establishing investment policy and strategy for BMO Private Bank, Ablin also chairs the BMO Private Bank Asset Allocation Committee, which determines the strategy for investment portfolios.

Prior to introducing Ablin, Michael J. Dyer, West Palm Beach managing director for BMO Private Bank, welcomed guests and introduced Zach Lazar, BMO Private Bank president of Florida and Illinois.

Ablin presented “At the Pleasure of the Fed” to nearly 150 guests. He discussed his global macro strategy for navigating the uncertainty surrounding the ever-changing investment markets and the global economy. He also identified developing economic trends in the U.S. and abroad and their implications on public policy.

Below are highlights from Ablin’s comments specific to the Florida real estate market:

• According to the most recent S&P Case-Shiller report, the price of a single-family home in South Florida surged 12 percent from its low point hit in April 2011. The Florida market is showing remarkable resilience compared to the national average which has gained nine percent off the bottom. Not only has property in the Sunshine State bounced back higher than the rest of the country, but it bounced sooner, defying industry logic.
• Conventional wisdom suggested that Florida real estate would be among that last residential real estate markets to recover since would-be buyers needed to sell their primary residences in the Northeast or Midwest before settling on their retirement home in Florida.
• Canada is Florida’s number one source of foreign tourists and the state’s number one foreign buyer of Florida real estate. In 2010, Canadians accounted for 36 percent of all real estate purchases by foreigners, according to the National Association of Realtors. All told, it is estimated that 500,000 Canadians own property in Florida.
• Thanks to the housing market bust, Florida property looks especially attractive to Canadians. The median priced home in Canada is nearly double the median price in the U.S. At the same time, the Canadian dollar is currently trading nearly 10 percent above “fair” value versus the U.S. dollar, arming snowbird shoppers with extra buying power.

For more information about BMO Private Bank, please visit: www.bmo.com/privatebank/us or call the West Palm Beach office at: 561.833.6650.

About BMO Private Bank, a part of BMO Financial Group
BMO Private Bank offers a comprehensive range of wealth management services that include investment advisory, trust, banking and financial planning to meet the financial needs of high net worth clients. Through integrated teams of experienced financial professionals, BMO Private Bank helps its clients realize their financial and lifestyle goals with solutions that are custom tailored and delivered with the highest level of personalized service.

BMO Private Bank is a brand name used in the United States by BMO Harris Bank N.A. Member FDIC. Not all products and services are available in every state and/or location.

BMO and BMO Financial Group are trade names used by Bank of Montreal.