BMO has agreed to acquire Toronto-headquartered Burgundy Asset Management for approximately C$625m ($456.2m)  

The acquisition aims to enhance BMO Wealth Management’s offerings in the Canadian Investment Counsel space, targeting high-net-worth and ultra-high-net-worth clients.  

Burgundy, an independent wealth manager, managed around C$27bn in assets as of 31 May 2025. 

The deal consideration of C$625m will be paid in BMO common shares, with a $125m holdback contingent on Burgundy maintaining certain assets under management 18 months post-closing.  

It also includes an earn-out element, depending on the fulfilment of future growth targets.  

The deal is slated for completion by the end of 2025, contingent on regulatory approvals and other standard closing conditions. 

Upon completion, Burgundy will operate under BMO Wealth Management, remaining under the leadership of its existing CEO, Robert Sankey.  

Co-founders Tony Arrell and Richard Rooney will continue their roles within the organisation.  

Established in 1990, Burgundy employs 150 staff members and caters to clients from its offices in Toronto, Vancouver, and Montreal. 

KMS Capital, Origin Merchant Partners, and PJT Partners were financial advisors to Burgundy, while Torys provided legal counsel.  

BMO Capital Markets served as BMO’s exclusive financial advisor, with Osler, Hoskin & Harcourt acting as legal counsel. 

BMO Financial Group group head of wealth management Deland Kamanga said: “Burgundy Asset Management is one of Canada’s most respected independent investment managers known for its high calibre team, rigorous investment process and dedicated service to private clients, institutions and family offices.  

“The acquisition will build on BMO’s heritage as a client-focused wealth manager while expanding our wealth advice and private investment counsel offering.” 

Burgundy chairman and co-founder Tony Arrell said: “It has always been our intention to build Burgundy for the long run, so we can serve our clients and their families across generations.  

“We are happy to be joining BMO, a North American leader, and believe this is a great opportunity to continue to serve our clients well into the future.” 

In March 2024, BMO Global Asset Management partnered with Carlyle to offer a globally diversified private equity portfolio, marking its third agreement to increase private markets’ availability for Canadian accredited investors.  

BMO GAM will provide evergreen and closed-end funds to these investors through offering memorandums.