BMO Financial Group is expanding its hedge fund capabilities with a search for a research director who will take responsibility for manager selection and due diligence across its third-party hedge fund platform, according to a report by CityWire.

The new hire will sit within BMO Wealth Management and help shape the firm's hedge fund platform strategy, while identifying potential managers and investment strategies for inclusion.

The role will involve detailed qualitative and quantitative assessment of prospective funds, covering areas including investment approach, management teams, risk controls and performance. The successful candidate will also monitor existing managers to ensure they remain aligned with their stated strategies and risk parameters.

Beyond manager research, the position will have a client-facing element. The research director will contribute to portfolio construction and strategy discussions, participate in meetings with clients and work with colleagues to develop and promote BMO's hedge fund offering.

The search comes as BMO continues to expand its alternatives offering. The group currently oversees approximately $1.08tn (CAD1.5tn) in assets.