News and Press
| Date: | 2nd November 2007 |
| Title: | BMO Announces Agreement to Purchase London, UK-Based Institutional Asset Manager |
| Author: | - |
| Download: | pdf version |
BMO Announces Agreement to Purchase London, UK-Based Institutional
Asset Manager
BMO’s proposed acquisition of Pyrford International will provide clients
with access to more international investment opportunities
In response to increasing interest from institutional and retail investors
for international investment opportunities, BMO Financial Group today
announced that it has signed an agreement to purchase Pyrford International
plc, a London, UK-based institutional asset manager. Terms of the transaction
were not disclosed.
Pyrford has been providing international asset management services for
pension funds, charities, endowments, foundations and high net worth individuals
since 1987. It had approximately US$3 billion (CDN$3 billion) assets under
management (AUM) as at September 30, 2007 and client relationships in
Canada, the United States, UK, Europe and the Middle East. North American
clients currently account for more than 65 per cent of Pyrford’s AUM.
“Today’s announcement marks an important move for BMO into the international
money management space as we continue to expand our internal investment
management capabilities outside of North America,” said Gilles Ouellette,
President and Chief Executive Officer, Private Client Group, BMO Financial
Group. “The acquisition of Pyrford will provide us with investment expertise
in a number of regions that complement our current wealth management presence
in Canada, the U.S. and in China with our stake in Fullgoal Fund Management.”
“BMO has an established reputation for managing money in Canada and the
U.S. and we’re pleased to have Pyrford join the group of companies that
make up BMO Asset Management to add an important international scope to
our investment management talent,” said Harold Hillier, Head of BMO Asset
Management.
“Pyrford and BMO share a commitment to exceptional client service and
a reputation for delivering strong performance. By leveraging BMO’s extensive
experience in investment management, product manufacturing and distribution,
we are confident we will continue to grow our business,” said Bruce Campbell,
Chief Executive Officer and Chief Investment Officer, Pyrford International.
Subject to regulatory approval, the acquisition is expected to close in
December, 2007. It is intended that Pyrford International will retain
its name and will be part of BMO Asset Management when the acquisition
is approved. The transaction will not have a material impact on BMO Financial
Group’s earnings per share.
About Pyrford International
Pyrford International has been operating from its base in London since
1987. The company focuses on fundamental long-term analysis of markets
and stocks and delivers products ranging from International Equity to
Absolute Return, Shariah Compliant and various Regional mandates. Pyrford’s
niche has been its concentration on value and low absolute volatility
together with a very personal level of client service. Pyrford’s three
senior investment professionals have worked together for over 18 years.
About BMO Asset Management
BMO Asset Management offers a range of investment management products
and services to clients in North America through the following investment
managers, which are wholly owned by BMO Financial Group: Guardian Group
of Funds, a Canadian mutual fund company; Jones Heward Investment Counsel
Inc., a Canadian institutional money manager; Harris Investment Management,
a U.S.-based institutional asset manager and HIM Monegy, its high yield
manager subsidiary. Pyrford International will be part of BMO Asset Management
when the acquisition is approved.
BMO Asset Management is part of BMO Financial Group’s Private Client Group.
The Private Client Group provides integrated wealth management services
in Canada and the United States and had total assets under management
and administration and term investments of $277 billion as at July 31,
2007, of which $98 billion are assets under management.
- Ends -
Media Relations:
JoAnne Hayes, Toronto joanne.hayes@bmo.com (416) 867-3996
Lucie Gosselin, Montreal lucie.gosselin@bmo.com (514) 877-8224
Amy Yuhn, Chicago amy.yuhn@harrisbank.com (312) 461-2478
Investor Relations:
Viki Lazaris, Toronto viki.lazaris@bmo.com (416) 867-6656
Krista White, Toronto krista.white@bmo.com (416) 867-7019