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Ameriprise Financial to Acquire BMO’s EMEA Asset Management Business
April 12, 2021 GMT
MINNEAPOLIS, BOSTON & LONDON (BUSINESS WIRE) Apr 12, 2021
Ameriprise Financial, Inc. (NYSE: AMP) today announced that it has signed a definitive agreement with BMO Financial Group (BMO) to acquire its EMEA asset management business for £615 million, or approximately $845 million. The all-cash transaction adds $124 billion of AUM in Europe and is currently expected to close in the fourth quarter of 2021, subject to regulatory approvals in the relevant jurisdictions.
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The acquisition will further accelerate Ameriprise’s core strategy of growing its fee-based businesses and increase the overall contribution of Wealth Management and Asset Management within its diversified business. Together with BMO’s EMEA asset management business, Ameriprise will have more than $1.2 trillion of as
Columbia Threadneedle s parent firm buys rival s EMEA AM unit citywireselector.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from citywireselector.com Daily Mail and Mail on Sunday newspapers.
BMO jettisons Emea asset management arm to Ameriprise
Deal adds $124bn of AUM to US adviser’s global asset manager Columbia Threadneedle
Ameriprise Financial has bought BMO Financial Group’s Emea asset management business for around $845m (£615m).
The transaction will be fully paid in cash and is expected to close in Q4 2021, subject to regulatory approvals in all the relevant jurisdictions.
The deal adds $124bn of assets under management in Europe to Ameriprise which, at completion, will reach over $1.2trn in AUM.
The US advice firm said the acquisition accelerates its plans to grow its fee-based businesses and increase the overall contributions of the wealth management and asset management divisions to the group.