On January 28, 2014, Dealbook reported that the parent company of the Bank of Montreal will expand its European wealth management business with the $1.2 billion acquisition of F&C Asset Management of Britain.
On January 28, 2014, Dealbook reported that the parent company of the Bank of Montreal will acquire F&C Asset Management of Britain. F&C shareholders will receive 120 pence in cash for a total equivalent of $1.2 billion. F&C is a Britain-based asset manager specializing in fixed income and broad equity and property capabilities across Europe and has approximately £82 billion in assets under management. BMO is a Canada-based bank and provides retail banking, wealth management, and investment banking services. The transaction will expand BMO’s wealth management offerings in Europe. After the transaction, BMO’s asset management arm, BMO Global Asset Management, will have approximately £162 billion in assets under management. The transaction is subject to regulatory approval and is expected to close after May 1, 2014.
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