Fresh from the $4.1 billion acquisition of US bank Marshall & Ilsley last month, Canadian bank BMO Financial (also referred to as the Bank of the Montreal) (TSX: BMO)(NYSE: BMO) announced today it will acquire Hong Kong-based Lloyd George Management (LGM) in a bid to expand its wealth management capabilities in Asia. The terms of the deal have not been disclosed.
LGM, a firm with approximately US$6 billion in assets under management, specializes in Asia and global emerging markets. The company employs more than 80 people across locations in London, Singapore, Mumbai, Florida and Hong Kong, including 29 investment professionals.
"The acquisition of Lloyd George provides the scale for further expansion of BMO Asset Management and bolsters our portfolio management capabilities in Asian and emerging markets," said president and CEO of Private Client Group, BMO, Gilles Ouellette.
BMO said it plans to retain LGM's entire team, with Robert Lloyd George retaining his position as chairman of the company. LGM will continue to operate under the same name.
The deal, which is anticipated to close early in the third quarter of fiscal 2011, remains subject to regulatory and other approvals.