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No plans to scrap F&C brand, says BMO chief
by Eleanor Lawrie on May 23, 2014 at 11:37
Bank of Montreal Asset Management (BMO) co-chief executive Barry McInerney has said there are 'no plans' to drop the F&C name any time soon, following the completion of its acquisition two weeks ago.
'lt is early days. F&C is a historic brand and BMO is a historic brand, and we are going to take our time. There are no planned changes,we are not planning to drop the brand at the moment,' he said.
The UK asset manager traces its name back to 1868, when the Foreign & Colonial investment trust was founded. In the past year, the business has been hit with £19 billion of outflows, a major redemption from Friends Life and an outflow of key staff.
But McInerney said F&C was already in a turnaround phase when BMO approached it with a bid.
'F&C, pre-BMO, had a strategy established and their own growth plan.We will look to accelerate that growth momentum where appropriate.'
McInerney and F&C chief executive Richard Wilson insist there will be no redundancies made as a result of the takeover, as there is very little overlap, with F&C's core market in the UK and Europe, and BMO's in Canada and North America.
'We think this is a unique combination because it is completely complimentary. We have resources in North America, growing resources in Asia and a few boutiques, so we did not have a large European platform at all. There is now real integration to be done,' McInerney said.
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