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 The CEO tapes: 'the only reason you get fired is relationships'

The CEO tapes: 'the only reason you get fired is relationships'

In today’s instalment of the CEO tapes, four top asset management chief executives discuss corporate culture and how to ensure you get it right.

1 Comment Play The CEO tapes: the 'laddish' fund manager culture

The CEO tapes: the 'laddish' fund manager culture

In the first of 10-part series, four of the UK's best known fund bosses discuss the sensitive issue of female representation across the industry.

Play Video exclusive: Martin Gilbert grilled on Standard Life deal

Video exclusive: Martin Gilbert grilled on Standard Life deal

In this revealing interview, Aberdeen's boss offers the inside story on his firm's mega merger with Standard Life.

Read More
Your Business: Cover Star Club

Profile: how Cerno was forged in Asia's boom and bust

Profile: how Cerno was forged in Asia's boom and bust

Cerno Capital’s investment philosophy was born in the spectacular boom and bust of Asia in the 1990s.

Wealth Manager on Twitter