BMO buys Hong Kong investment manager

Bank of Montreal has a definitive agreement to buy Hong Kong-based Lloyd George Management for an undisclosed amount.

The bank says the investment manager has about $6 billion USin assets under management. Lloyd George Management was founded in 1991 and specializes in Asian markets and emerging international markets with about 80 employees.

Its operations are in Hong Kong, London, Singapore and Mumbai as well as Florida.

The Canadian bank said the terms of the deal will not be disclosed. The transaction is expected to close in the fiscal third quarter, which ends July 31, pending regulatory and other approvals.

"The acquisition of Lloyd George provides the scale for further expansion of BMO Asset Management and bolsters our portfolio management capabilities in Asian and emerging markets," said Gilles Ouellette, president and CEO, BMO Financial Group's private client division.

"Lloyd George is a highly respected portfolio manager with deep, experienced investment capabilities. Their strong client focus and research philosophy aligns perfectly with BMO."

BMO said it will offer jobs to all of Lloyd George's staff members and that Robert Lloyd George will remain chairman of the company, which will keep its name as Lloyd George Management.