Bank of Montreal Buys Burgundy Asset to Boost Wealth Business
Bank of Montreal is buying Burgundy Asset Management Ltd., bolstering its wealth management unit by adding an established Canadian firm that manages money for affluent individuals, pensions and foundations.
The bank will pay C$625 million ($456 million) in shares, with 20% of that amount conditional on Burgundy maintaining a minimum level of assets under management for 18 months after the deal closes.
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