The Bank of Montreal (BMO) has completed the £708m acquisition of F&C Asset Management.
BMO said that F&C will continue to operate with its existing management team but said its chief executive Richard Wilson will now report to Barry McInerney, co-chief executive of BMO Global Asset Management.
Mr Wilson said that F&C clients will be set to benefit from the “broader array of investment products and solutions” available from BMO following the acquisition.
The deal, in which BMO paid investors 120p per share in F&C, received official confirmation today and the shares in F&C will be de-listed from the stock exchange tomorrow.
