BMO's F&C takeover deal has completed, giving the Canadian firm access to the UK and Continental European markets via one of the UK's oldest asset managers.
In spite pf resistance from analysts and shareholders, who argued the £708 million bid price was too low, and a review by the office of fair trading, the acquisition was overwhelmingly approved by shareholders.
'Bank of Montreal is the oldest bank in Canada and our ties with the UK have been present since our founding. F&C and BMO share a deeply held conviction for working in the best interests of our clients," said Bill Downe, chief executive officer at BMO Financial Group, subsidiary of Bank of Montreal.
'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.'
F&C will continue to operate under the leadership of chief executive Richard Wilson, who will report to Barry McInerney, co-chief executive at BMO Global Asset Management
'F&C clients will continue to enjoy the high level of service that they have known and will benefit from BMO’s broader array of investment products and solutions,' Wilson said.
BMO Global Asset Management is a part of BMO Financial Group, and at the end of January had total assets of C$593 billion and approximately 45,500 employees. The F&C deal will give BMO Global Asset Management 24 offices in 14 countries.