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November 8, 2021

Ameriprise concludes BMO’s EMEA asset management business purchase

By Verdict Staff

Ameriprise Financial has wrapped up its previously announced acquisition of BMO Financial Group’s EMEA Asset Management business.

The $829m (£615m) deal, first announced by the firm in April this year, brings $131bn of assets under management (AUM) to Ameriprise, increasing its total AUM to more than $1.3 trillion.

It is also said to expand the firm’s footprint across EMEA while adding significant capabilities to Columbia Threadneedle.

Furthermore, the deal accelerates Ameriprise’s strategy to bolster its fee-based businesses.

It is also expected to result in an increase in the contribution of wealth management and asset management divisions within Ameriprise’s larger business.

The absorption of BMO’s business will also boost key capabilities of segments such as Responsible Investment, Fiduciary/outsourced management (OCIO), Liability Driven Investing, and European Real Estate.

Ameriprise chairman and CEO Jim Cracchiolo said: “The BMO GAM EMEA business is performing well with positive flows, which complements the organic growth we’ve been driving. And importantly, clients and institutional consultants have responded favourably.

“We welcome the team to Ameriprise and Columbia Threadneedle and look forward to what we are able to accomplish together.”

As part of the deal, Ameriprise has struck a strategic partnership with BMO Wealth Management.

This partnership covers offering BMO’s North American Wealth Management clients access to a range of Columbia Threadneedle investment management solutions.

Concurrent with the transaction, some asset management clients of BMO US are set to be moved to Columbia Threadneedle. The date for the transfer is subject to client consent.

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