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Banks

UPDATE 1-Bank of Montreal expands U.S. equities business

* Bank adds new U.S. capital markets managers

* Seeking growth in U.S. equities business

* Capital markets division has added 450 in past year

TORONTO, Oct 8 (Reuters) - Bank of Montreal's BMO.TO capital markets division is planning to expand its U.S. equities business next year, the bank said on Friday as it announced a new senior management team for the unit.

Toronto-based BMO said has added more than 450 employees to its capital markets division over the past year, including 23 senior equity sales and trading professionals, the bank said.

“As we build out our franchise in 2011, institutional investors are going to be quite surprised by the capability we are building at BMO Capital Markets,” Mike Miller, head of equity products, said in a statement.

The Toronto-based bank and its Canadian rivals escaped the financial crisis relatively unscathed, and are now targeting growth in several areas to steal market share from troubled U.S. and European lenders.

Miller said the bank would hire more equity research analysts in 2011, and was working in particular to cover more mining stocks than any other brokerage firm globally.

In Canada, which is home to more publicly traded mining companies than any other country, BMO already has a strong franchise in the sector.

“We are now changing our focus to become one of the leading providers of equity research for the entire North American stock market and all mining companies trading on major exchange globally,” Miller said.

The bank said Alan Tannenbaum had been named head of U.S. equity sales, while Rick Joyce will lead U.S. equity sales trading. Will Bertsch will become head of U.S. equity facilitation trading, and Sean MacKenzie will head up U.S. equity Electronic Trading.

All four hires have previously held similar roles at other investment banks, BMO said.

Shares of BMO, Canada’s fourth-largest bank, were down 28 Canadian cents at C$59.32 on the Toronto Stock Exchange.

$1=$1.01 Canadian Reporting by Cameron French; Editing by Frank McGurty

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