BMO Financial Group has signed a definitive agreement to acquire Hong Kong-based Lloyd George Management (LGM) a firm with approximately $6bn in assets under management.
Founded in 1991, LGM is an independent investment manager. In addition to Hong Kong, the company has a local presence in London, Singapore, Mumbai and Florida.
Across these locations, the company employs more than 80 people in portfolio management and research, client service, administration and compliance including 29 investment professionals.
BMO said it will extend offers of employment to LGM’s entire team and Robert Lloyd George will remain Chairman of the company, which will continue to operate under the name Lloyd George Management. He will report to Barry McInerney, head of BMO Asset Management – US & International.
Gilles Ouellette, president and CEO Private Client Group of BMO Financial Group, and chairman Bank of Montreal (China) said the acquisition of Lloyd George provides the scale for further expansion of BMO Asset Management and bolsters BMO’s portfolio management capabilities in Asian and emerging markets, allowing BMO to meet its institutional, private banking, BMO Nesbitt Burns and retail clients’ growing demand for global investment strategies.
"Lloyd George is a highly-respected portfolio manager with deep, experienced investment capabilities. Their strong client focus and research philosophy aligns perfectly with BMO," Ouellette concluded.
The acquisition is anticipated to close early in the third quarter of fiscal 2011, subject to regulatory and other approvals. The terms of the deal are not being disclosed.