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Milestones
1999
2009
2015
2017
Began independently managing first multi-billion dollar portfolios
1999
Joined BMO, embarking on a mission to build and lead its world-class ETF team
2009
Named one of IIAC’s Top 40 Under 40
2015
Started two-year tenure as chair of the Canadian ETF Association
2017
Driving BMO’s explosive ETF growth
When industry veteran Kevin Gopaul joined BMO Global Asset Management in 2009, his mission was to establish an exchange-traded funds business that could rival the Blackrocks of the world. Fast-forward to today — and BMO ETFs has led Canadian ETF inflows for more than a decade.
“I was hired as employee number one to develop the ETF business for BMO GAM, and it's been a great journey,” he said. “We're on our 11th year in a row of leading ETF inflows in Canada, and we did that without cannibalizing our mutual funds.”
With nearly $90 billion in assets under management, Gopaul has successfully taken BMO ETFs from obscurity into the limelight. Back then BMO was the fourth Canadian issuer to enter the space, and as the industry exploded in size and importance, rather than slip down the standings, it moved up into the top tier. Today there are 41 ETF issuers in total, and despite the crowded field, Gopaul and his team now compete for pole position in the Canadian ETF market.
A willingness to innovate
Another quality that sets BMO ETFs apart is its willingness to evolve alongside clients. Historically, this has been a challenge in the ETF industry, which is always closer to the cusp of innovation than other parts of the industry. Its change cycle is faster than that of other vehicles, and there are many new opportunities that an asset manager can leverage in today’s environment, such as crypto, alternatives, and the growth of digital technologies.
To that end, Gopaul and his team are continuously working to bring new ETF offerings to clients. In January 2022, for example, the business launched 10 new ETF tickers featuring a range of solutions — providing innovation in fixed income, climate-focused equities, income innovation, asset allocation, and new series providing a choice of T6 payout and US dollar income — for greater flexibility in portfolio construction.
Add to this the fact that BMO GAM is an asset manager that embraces responsible investment as a core part of its mission. From proxy voting to ESG integration, there is an awareness of the firm’s impact on society and the environment, which is why investors now have access to ETFs such as BMO MSCI ACWI Paris Aligned Climate Equity Index ETF (Ticker: ZGRN). This exposure, which emphasizes the “E” in ESG, integrates climate data into the investment process by aligning portfolios with the Paris Agreement — a framework to limit global warming to less than 2°C higher than pre-industrial levels.
Again and again, Gopaul’s time-tested team has proven that it can meet the needs that arise from its client base of advisors, direct investors, and institutional investors, so he enjoys encouraging others to get into the field. “If you’re ambitious and want to grow, you have to make a conscious effort to find the manager who’s going to champion you,” he said.
As for what’s ahead, Gopaul says he’s excited about client interests in the US market, development of alternative asset classes like crypto, and the promise of digitalization. “ETFs are interesting because they’re sold to more channels than any other vehicle in the world,” he said. “There’s change on the horizon — but with the great team that we have, I couldn’t be more excited.”
Spotlight
Finally, Gopaul became a principal portfolio manager at Barclay’s Global Investors, then one of the largest independent asset managers in the world. He learned about ETFs and growing the business through innovation, quantitative investing, and rigorous stress testing. When Barclay’s left Canada, Gopaul moved to BMO, where he pays his success forward.
“I believe in taking risks on an individual, probably because someone took a chance on me early in my career,” he said. “That allows me to attract, and hire, the best talent for our team.”
Interestingly, BMO has been able to sustain its mutual fund growth even while selling ETFs — which was one of its goals, but differs from the US, where mutual funds are being redeemed for ETFs. When asked what he thinks about the balance,
At BMO, we invest with a purpose — to boldly grow the good. Our focus is simple: to help our clients meet their investment goals, while also building a more sustainable and secure future for us all. We understand that each of our clients has individual circumstances, together with specific needs and requirements. Our job is to consider these and deliver the desired outcomes. Doing this well, in a fast-moving and interconnected world, requires both a global perspective and an appreciation of local circumstances. These are the strengths that you can find at BMO Global Asset Management.
Company Profile
1817
Year BMO founded
20
Office locations
2009
LAUNCH OF BMO ETFs
1,200
BMO ETFs STAFF
11
Consecutive years with highest ETF inflows in Canada
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“Control your own destiny or someone else will”
– Jack Welch, former president and CEO of GE
Kevin R. Gopaul
President and Chief Commercial Officer, BMO ETFs at BMO Global Asset Management
How BMO GAM went from fighting for credibility to leading Canada’s ETF industry with $90 billion in AUM
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“I think a particular highlight for me is the team and culture that we’ve built. That’s been a focus of mine since day one, and we have had essentially zero voluntary turnover on our team”
Kevin Gopaul,
BMO Global Asset Management
“I don’t think anyone would have estimated that the ETF industry would be as large as it is at this point”
Kevin Gopaul,
BMO Global Asset Management
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How did they do it?
Gopaul’s first step as President and Chief Commercial Officer was to hire an experienced team of investment professionals who had one thing in common: a competitive streak. He wanted people with a thirst for challenging norms, and after finding himself a stellar group, he worked extremely hard on employee retention.
In an industry in which people frequently jump from one firm to another, Gopaul says he is proudest of the fact that his team stuck together through the years. “A particular highlight for me is the team culture that we’ve built,” he says. “It’s been a focus of mine since day one, and we have had essentially zero voluntary turnover as a result.”
Paying it forward
Gopaul’s career in finance began after he graduated from the University of Waterloo in 1999. While he was working at Clarica, which later became Sun Life, a manager helped him leap from back-office operations to front-office money management. It was a defining moment in which he witnessed the enormous impact a manager could have on the careers of subordinates.
After making the switch, he helped manage $6 billion of internal funds, and learned the nuances of portfolio management, trading, liquidity, and risk management. Five years later, he became an index arbitrage trader at Scotia Capital, where there was an acute focus on client satisfaction. That role rounded out his experience, adding a service mentality to his repertoire.
Gopaul attributes BMO’s success to collaboration across teams, saying: “There are no egos — we look out for each other, and although we’re very competitive with others, we’re not that way internally.”
Driving BMO’s explosive ETF growth
1999
2009
2015
2017
Joined BMO, embarking on a mission to build and lead its world-class ETF team
2009
Named one of IIAC’s Top 40 Under 40
2015
Started two-year tenure as chair of the Canadian ETF Association
2017