Columbia Threadneedle to assume BMO EMEA asset management business
Ameriprise Financial strikes £615m deal
The deal brings $124bn to the group s European AUM
Columbia Threadneedle Investments is to assume BMO s EMEA asset management business, growing firm AUM to $671bn, ahead of a £615m deal struck by parent company Ameriprise Financial.
Ameriprise has signed a definitive agreement with BMO Financial Group to acquire the business in an all-cash transaction, which adds $124bn to the group s European AUM and brings total AUMA to $1.2trn.
The deal, which is expected to close in the fourth quarter of 2021, subject to regulatory approvals, will further accelerate Ameriprise s strategy of growing its fee-based businesses, and grow its wealth and asset management capabilities.
Columbia Threadneedle acquires BMO EMEA asset management business
Ameriprise Financial strikes £615m deal
The deal brings $124bn to the group s European AUM
Columbia Threadneedle Investments is to assume BMO s EMEA asset management business, growing firm AUM to $671bn, ahead of a £615m deal struck by parent company Ameriprise Financial.
Ameriprise has signed a definitive agreement with BMO Financial Group to acquire the business in an all-cash transaction, which has added $124bn to the group s European AUM and taken total AUM to $1.2trn.
The deal, which is expected to close in the fourth quarter of 2021, subject to regulatory approvals, will further accelerate Ameriprise s strategy of growing its fee-based businesses, and grow its wealth and asset management capabilities.
2 Min Read
FILE PHOTO: The logo of the Bank of Montreal (BMO) is seen on their flagship location on Bay Street in Toronto, Ontario, Canada March 16, 2017. Picture taken March 16, 2017. REUTERS/Chris Helgren/File Photo
(Reuters) -Canada’s Bank of Montreal said on Monday it has agreed to sell its EMEA asset management business to Ameriprise Financial Inc for C$1.1 billion ($870 million) in an all-cash transaction to increase its focus on North America.
Canada’s fourth-largest lender will take a C$745 million write-down of goodwill after tax in the second quarter of fiscal 2021 as a result of the transaction, which is expected to close in the fourth quarter of calendar 2021, BMO said.
2 Min Read
FILE PHOTO: The logo of the Bank of Montreal (BMO) is seen on their flagship location on Bay Street in Toronto, Ontario, Canada March 16, 2017. Picture taken March 16, 2017. REUTERS/Chris Helgren/File Photo
(Reuters) -Canada’s Bank of Montreal said on Monday it has agreed to sell its EMEA asset management business to Ameriprise Financial Inc for C$1.1 billion ($870 million) in an all-cash transaction to increase its focus on North America.
Canada’s fourth-largest lender will take a C$745 million write-down of goodwill after tax in the second quarter of fiscal 2021 as a result of the transaction, which is expected to close in the fourth quarter of calendar 2021, BMO said.