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
Play HSBC's Stephen King warns of 'enormous' Brexit deficit danger

HSBC's Stephen King warns of 'enormous' Brexit deficit danger

Brexit will weaken the economy, fail to boost exports and lessen the country's ability to fund its 'enormous' deficit, according to HSBC's senior economic adviser Stephen King.

Play Premier's Smith: electricity and water can be a good mix

Premier's Smith: electricity and water can be a good mix

Exposing your person to electricity and water simultaneously is ill-advised, but what about your portfolio?

Play Citywire 10k: video highlights

Citywire 10k: video highlights

Citywire held its sixth annual charity run last week, which hosted over 200 people and raised £14,000. Here are the video highlights.

Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter