BMO sells EMEA asset management business to Ameriprise Financial for $1.09B
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The BMO Bank of Montreal logo is seen on the BMO Nova Centre, housing their Atlantic Canadian headquarters and support services, in Halifax on Tuesday, April 2, 2019. THE CANADIAN PRESS/Andrew Vaughan
TORONTO – BMO Financial Group has signed a deal to sell its asset management business in Europe, the Middle East and Africa (EMEA) to Ameriprise Financial Inc. for $1.09 billion.
The companies also announced a new strategic relationship between BMO and Columbia Threadneedle Investments, Ameriprise’s global asset management business.
In a separate deal in the U.S., some BMO asset management clients will have the chance to move to Columbia Threadneedle Investments, if they agree. The terms of the U.S. agreement were not disclosed.
BMO s North American Wealth Management clients will also be offered the opportunity to access a range of Columbia Threadneedle investment management solutions. BMO expanded into Europe, Asia and the Middle East with its purchase of UK-based F&C Asset Management in 2014. BMO’s European fund range comprises publicly traded investment trusts, including Foreign and Colonial (F&C) Investment Trust.
Columbia Threadneedle said BMO s global asset management includes specialist ESG products, locations in the Netherlands and UK, and direct real estate capability based in Germany and France.