Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration 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
1 Comment Play Citywire Scotland: how wealth managers use new tech

Citywire Scotland: how wealth managers use new tech

We caught up with a few wealth managers at our annual event in Gleneagles to find out what technological innovations they are employing across their businesses.

1 Comment Play CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

Do not miss the first two minutes of this film as Richard Buxton shares how he has been challenged by a client for owning shares in a certain company.

Play CEO Tapes: the huge opportunities for asset managers

CEO Tapes: the huge opportunities for asset managers

From tech disruption, retirement and poaching, the CEO discuss the opportunities for their businesses in this episode.

Read More
Wealth Manager on Twitter