Pricing was not disclosed. Under its agreement with Bank of Montreal, Morgan would become the exclusive futures clearing broker for accounts held by the bank. Morgan would also acquire seats at the Chicago Mercantile Exchange and the Chicago Board of Trade held by Harris Futures Corp., a Bank of Montreal subsidiary. The deal is expected to close by yearend. Bank of Montreal's futures division employs 35 people. A source said Morgan may keep "fewer than five" of those employees. A Bank of Montreal spokeswoman said affected individuals would be able to explore other options at the bank. O'Connor Group, meanwhile, will be rolled into J.P. Morgan Investment Management, said Tim Heise, a Morgan managing director. The O'Connor Group has $4.1 billion of assets in the "separate account" business, an area of real estate investment where clients hire managers to assemble portfolios, said Mr. Heise. That represents three times Morgan's business in that area. J.P. Morgan will take on all 35 employees O'Connor, bringing its real estate investment group to nearly 100 people, he noted. The deal should close by yearend or early 1998.

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