Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

F&C agrees terms of all-cash takeover

F&C agrees terms of all-cash takeover

Bank of Montreal and F&C Asset Management have agreed the terms of an all-cash £708 million takeover, offering F&C shareholders 120p per share in addition to a 2p dividend.

The price places a 30.5% premium on the 93.5p that F&C traded at the close of market on 24 January, before the deal was announced yesterday.  

The company, the UK’s oldest asset management business with roots stretching back to the launch of the Foreign & Colonial Investment trust in 1868, has extensively restructured in recent years, but shares in the business have not materially re-rated relative to its sector.

‘F&C has made significant progress in the last couple of years,’ said chief executive Richard Wilson.

‘We have developed new products, strengthened our distribution channels and reduced our cost base, putting the business in a strong position to move forward.

‘BMO represents a unique opportunity to broaden and accelerate our ambitions. The products, geographic presence and cultures of both organisations are truly complementary and with BMO's commitment to growth, this is clearly a very positive outcome for both our clients and employees.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
CIO Tapes 2: two warnings and a lot of optimism

CIO Tapes 2: two warnings and a lot of optimism

Our group of leading asset management CIOs see a lot of opportunities – and overseas investors are buying UK too

Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Read More
Your Business: Cover Star Club

Profile: Thomas Miller explains its post-restructure plans

Profile: Thomas Miller explains its post-restructure plans

Thomas Miller Investment’s (TMI) head of wealth Matt Phillips has strong opinions about many things

Wealth Manager on Twitter
Managing risk, unearthing returns
  • A-rated Beagles sells down Brewin Dolphin
  • Electoral Commission reopens Vote Leave probe
  • City grandee says HBOS crisis 'worst moment' of his career
  • Ex-OMGI duo enters model portfolio market with new boutique
  • Abolish stamp duty: six wealth managers' Budget wish lists
  • James Carthew: is the Japanese glass half full, empty, or illusory?
  • The Expert View: William Hill, Mitie and Xaar
  • Overnight Markets: Tech shares buoy Wall Street
  • Tuesday Papers: May told to exploit Merkel crisis to reduce Brexit bill
  • Investors brush off German government worries
  • Buy-to-let crackdown? Charles Stanley's 5 Budget calls
  • Brewin Dolphin's south west assets hit £1bn
  • Wealth Manager Top 100 2017: seven hidden fund talents to watch
  • Read More
    -->