Canada’s Bank of Montreal has agreed to acquire London-listed F&C Asset management for approximately £708 million in cash.

BMO, Canada’s fourth largest lender, expects the deal to enhance and grow their wealth management capabilities internationally. F&C shareholders will receive 120p per share with a 2p dividend included.

Bill Downe, CEO of BMO Financial Group, said: "With an established pedigree in fixed income investment and broad equity and property capabilities across its European platform, F&C advances BMO’s capabilities by adding scope and scale to our well-established portfolio of wealth management businesses."

F&C, the 150-year-old investment management firm, held £91 billion in assets under management as of September 2013.

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