BMO Global Asset Management Europe, a subsidiary of Bank of Montreal, has acquired UK-based independent manager F&C Asset Management, extending its wealth management business to the UK and other European markets.
With the closure of this acquisition, BMO Global Asset Management’s business portfolio boasts of 24 offices across 14 countries in five continents, with about half of its assets under management managed on behalf of clients from outside of North America.
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BMO Financial Group CEO Bill Downe said: "Adding a European base builds scope and scale to our well-established portfolio of wealth management businesses and rounds out what is a broad global offering."
Richard Wilson, the head of F&C will continue to operate the business management team and will report to BMO Global Asset Management co-CEO Barry McInerney.
McInerney said: "Investors, wherever they are based, are increasingly demanding global products, strategies, and solutions. With this acquisition, BMO Global Asset Management is better able to leverage ideas cross-border and bring more comprehensive solutions to our clients around the world."
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