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Associated Press
a day ago
- Business
- Associated Press
BMO to Acquire Burgundy Asset Management
TORONTO, June 19, 2025 /CNW/ - BMO (TSX:BMO) (NYSE:BMO) and Burgundy Asset Management Ltd. today announced the signing of a definitive agreement for BMO to acquire Burgundy Asset Management Ltd. Burgundy is a leading independent wealth manager, providing discretionary investment management for private clients, foundations, endowments, pensions and family offices with approximately $27 billion in assets under management, as of May 31, 2025. The acquisition of Burgundy will be an expansion of BMO Wealth Management and strengthen BMO's offering in the Canadian Investment Counsel space catering to high-net-worth and ultra-high-net-worth clients. BMO was recently recognized for its longstanding commitment to meeting its clients' unique needs, being named Canada's Best Private Bank for Ultra-High-Net-Worth clients according to the Euromoney Private Banking Awards. The transaction is expected to close by the end of calendar 2025, subject to customary closing conditions including regulatory approvals. BMO will acquire Burgundy for a purchase price of approximately $625 million, payable in BMO common shares, including a $125 million holdback to be paid subject to Burgundy maintaining certain assets under management 18 months post-closing. An earn-out component may also be paid in the future based on the achievement of certain growth targets. 'Burgundy Asset Management is one of Canada's most respected independent investment managers known for its high calibre team, rigorous investment process and dedicated service to private clients, institutions and family offices,' said Deland Kamanga, Group Head, Wealth Management, BMO Financial Group. 'The acquisition will build on BMO's heritage as a client-focused wealth manager while expanding our wealth advice and private investment counsel offering.' Upon closing, Burgundy will operate as part of BMO Wealth Management and Burgundy's Chief Executive Officer, Robert Sankey, will continue to lead the business. Burgundy Co-Founders Tony Arrell and Richard Rooney will also remain with the business. 'It has always been our intention to build Burgundy for the long run, so we can serve our clients and their families across generations,' said Tony Arrell, Chairman and Co-Founder, Burgundy Asset Management Ltd. 'We are happy to be joining BMO, a North American leader, and believe this is a great opportunity to continue to serve our clients well into the future.' Founded in 1990, Burgundy's 150 employees serve clients from offices in Toronto, Vancouver and Montreal. KMS Capital, Origin Merchant Partners and PJT Partners acted as financial advisors to Burgundy on the transaction. Torys LLP acted as legal counsel. BMO Capital Markets acted as exclusive financial advisor to BMO on the transaction. Osler, Hoskin & Harcourt LLP acted as legal counsel. Caution Regarding Forward-Looking Statements Certain statements in this press release are forward-looking statements. All such statements are made pursuant to the 'safe harbor' provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements in this press release may include, but are not limited to: statements with respect to the expected closing of the proposed transaction, potential payment of an earn-out, plans for the integration of Burgundy Asset Management Ltd., our strategies or future actions, our targets and commitments, the regulatory environment in which we operate, the results of, or outlook for, our operations, and include statements made by our management. Forward-looking statements are typically identified by words such as 'will', 'expect' and 'may' or negative or grammatical variations thereof. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct, and that actual results may differ materially from such predictions, forecasts, conclusions or projections. We caution readers of this press release not to place undue reliance on our forward-looking statements, as a number of factors – many of which are beyond our control and the effects of which can be difficult to predict – could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: the possibility that the proposed transaction does not close when expected or at all because required regulatory approvals and other conditions to closing are not received or satisfied on a timely basis or at all or are received subject to adverse conditions or requirements; the anticipated benefits from the proposed transaction are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions, laws and regulations and their enforcement, and the degree of competition in the business areas in which Burgundy Asset Management Ltd. operates; the business of Burgundy Asset Management Ltd. may not perform as expected or in a manner consistent with historical performance; the ability to promptly and effectively integrate Burgundy Asset Management Ltd.; diversion of management time on transaction-related issues; our ability to successfully implement various initiatives under expected time frames and the compliance of various third parties with our policies and procedures and legal requirements; and those other factors discussed in the Risks That May Affect Future Results section, and the sections related to credit and counterparty, market, insurance, liquidity and funding, operational non-financial, legal and regulatory, strategic, environmental and social, and reputation risk, in the Enterprise-Wide Risk Management section of BMO's 2024 Annual Report, and the Risk Management section in BMO's Second Quarter 2025 Report to Shareholders, all of which outline certain key factors and risks that may affect our future results and our ability to anticipate and effectively manage risks arising from all of the foregoing factors. We caution that the foregoing list is not exhaustive of all possible factors. Other factors and risks could adversely affect our results. Investors and others should carefully consider these factors and risks, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the organization or on its behalf, except as required by law. The forward-looking information contained in this press release is presented for the purpose of assisting shareholders and analysts in understanding the proposed transaction and may not be appropriate for other purposes. About Burgundy Asset Management Burgundy Asset Management Ltd. is a global investment management firm headquartered in Toronto, with additional offices in Montreal and Vancouver. Since its founding in 1990, Burgundy has been dedicated to serving high-net-worth individuals, foundations, endowments, pensions, and family offices. The firm is known for its disciplined quality/value investment approach, focused on protecting and compounding clients' capital over the long term. As of May 31, 2025, Burgundy had approximately $27 billion in assets under management. About BMO Financial Group BMO Financial Group is the seventh largest bank in North America by assets, with total assets of $1.4 trillion as of April 30, 2025. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society. View original content: SOURCE BMO Financial Group
Forbes
2 days ago
- Business
- Forbes
Buy Or Sell FactSet Stock Ahead Of Upcoming Earnings?
CANADA - 2025/06/03: In this photo illustration, the FactSet Research Systems logo is seen displayed ... More on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images) FactSet Research Systems (NYSE:FDS), a financial data and technology firm that offers software and information for investment management, is scheduled to release its Q3 earnings around June 23 (August fiscal year end). According to consensus estimates, earnings are projected to be $4.30 per share, a slight decline from $4.37 during the same period last year, while revenues are anticipated to rise by 5.1% year-over-year to $580.7 million. This growth is expected to be fueled by heightened demand from wealth and institutional buy-side clients, with organic subscription value – which refers to the recurring revenue the company anticipates generating annually from its existing subscription agreements – also likely to increase. The company possesses a current market capitalization of $16 billion. Revenue for the past twelve months stood at $2.3 billion, and it was profitable in operational terms, reporting $711 million in operating profits and a net income of $543 million. Nevertheless, for those seeking potential upside with less volatility compared to individual stocks, the Trefis High Quality portfolio offers an alternative – having outperformed the S&P 500 and yielding returns exceeding 91% since its inception. View earnings reaction history of all stocks Some insights regarding one-day (1D) post-earnings returns: Further data concerning observed 5-Day (5D) and 21-Day (21D) post-earnings returns is compiled along with the statistics in the table below. FDS 1D, 5D, and 21D Post Earnings Return A relatively less risky approach (although not beneficial if the correlation is low) is to assess the correlation between short-term and medium-term post-earnings returns, identify the pair with the strongest correlation, and execute the corresponding trade. For instance, if 1D and 5D exhibit the highest correlation, a trader can choose to go 'long' for the next 5 days if the 1D post-earnings return is positive. Here is some correlation information based on a 5-year and 3-year (more recent) time frame. Note that the correlation 1D_5D refers to the relationship between 1D post-earnings returns and the subsequent 5D returns. FDS Correlation Between 1D, 5D, and 21D Historical Returns Discover more about Trefis RV strategy that has outperformed its all-cap stocks benchmark (a combination of the S&P 500, S&P mid-cap, and Russell 2000), generating strong returns for investors. Additionally, if you're looking for potential upside with a smoother experience compared to an individual stock like FactSet Research Systems, consider the High Quality portfolio, which has surpassed the S&P, achieving over 91% returns since inception.
Yahoo
3 days ago
- Business
- Yahoo
Mill Creek Hires Brent Elkins as Executive Managing Director
Real Estate Veteran Based in Boston and Will Help Oversee Company's Strategic Initiatives BOCA RATON, Fla., June 17, 2025 /PRNewswire/ -- Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., today announced it has appointed Brent Elkins as an executive managing director of investment management. Elkins will be based in the company's Boston office and will play a central role in the company's strategic planning and investor engagement, both domestically and globally. "We're excited to welcome Brent to the Mill Creek family," said David Reynolds, president of investment management for Mill Creek Residential. "With his vast experience at leading real estate firms and his proven ability to shape strategy and expand global investor relationships, Brent is a key addition to the leadership team." Elkins brings extensive expertise across residential real estate, investment management and capital markets. Most recently, he served as head of real estate capital partnerships at Avenue One, where he developed tailored investment programs for institutions to assemble national single-family rental portfolios and execute multiple build-to-rent strategies. Previously, over a span of 15 years, he led global capital formation at Beacon Capital Partners, BlackRock Real Estate and Colony Capital (now DigitalBridge). Earlier in his career, Elkins held senior roles in principal investing and investment banking at Morgan Stanley and was an acquisition officer and portfolio manager at AMB (now Prologis). He earned a bachelor's degree with high honors from Princeton University and an MBA from Harvard Business School. "Mill Creek is renowned for its innovation, integrity and leadership in the rental housing industry," Elkins said. "I'm honored to join such a dynamic and talented team, and to help drive strategic initiatives that fuel our continued growth and long-term value creation." About Mill Creek ResidentialMill Creek Residential Trust LLC is a national rental housing company focused on developing, acquiring, and operating rental communities in targeted markets nationwide. The national company, headquartered in Boca Raton, Florida, proactively develops, acquires, constructs, and operates communities through its seasoned team of real estate professionals in offices across the United States. Mill Creek is building its portfolio in many of the nation's most desirable markets in Seattle, Portland, the San Francisco Bay area, Sacramento, Southern California, Salt Lake City, Phoenix, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. As of December 31, 2024, the company's portfolio comprises 146 communities representing nearly 42,000 rental homes operating or under construction. For more information, please visit Media ContactStephen UrseryLinnellTaylor Marketingstephen@ View original content to download multimedia: SOURCE Mill Creek Residential Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Month-end portfolio data now available for Federated Hermes Premier Municipal Income Fund
PITTSBURGH, June 16, 2025 /PRNewswire/ -- Federated Hermes, Inc. (NYSE: FHI), a global leader in active investing, today announced that monthly fund composition and performance data for Federated Hermes Premier Municipal Income Fund (NYSE: FMN) as of May 31, 2025, is now available in the Products section of To order hard copies of this data or to be placed on a mailing list, call 800-245-0242 x5587538, email CEinfo@ or write to Federated Hermes, 1001 Liberty Avenue, Floor 23, Pittsburgh, PA 15222. Federated Hermes, Inc. (NYSE: FHI) is a global leader in active investment management, with $839.8 billion in assets under management, as of March 31, 2025. We deliver investment solutions that help investors target a broad range of outcomes and provide equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies to more than 10,000 institutions and intermediaries worldwide. Our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes has more than 2,000 employees in London, New York, Boston and offices worldwide. For more information, visit ### View original content: SOURCE Federated Hermes, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
6 days ago
- Business
- Bloomberg
Nigeria's United Capital Expands Into Francophone West Africa
United Capital Plc launched an investment management business from Côte d'Ivoire to operate in eight countries across French-speaking West Africa, according to a statement to the Nigerian stock exchange. The Lagos-based financial services group's new subsidiary will have its official headquarters in Abidjan and will serve the member states of the West African Economic & Monetary Union, which are Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. The unit will offer portfolio management, mutual funds and financial advisory services.
