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Canada's BMO to sell EMEA Asset Management business for about $870 mln

Canada’s Bank of Montreal said on Monday it has entered into an agreement with Ameriprise Financial Inc to sell its EMEA asset management business for about… ....

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Columbia Threadneedle's parent firm buys rival's EMEA AM unit

Columbia Threadneedle's parent firm buys rival's EMEA AM unit
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Canada's BMO to sell EMEA asset management unit for about $870 mln

The terms of the U.S. agreement were not disclosed.
Bank of Montreal joins a clutch of banks in various regions that are looking to either sell or merge their asset management units either to gain scale or concentrate on other parts of their businesses.
The lender said the sale of the EMEA asset management unit will allow it to focus capital and investment in areas including its North American wealth management business, and that it will continue to invest in its Canadian asset management business.
The latest move by Bank of Montreal follows media reports that U.S. custodian bank State Street Corp is exploring options for its asset management business, including a merger with a competitor. ....

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Canada's BMO to sell EMEA asset management unit for about $870 million

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FILE PHOTO: The logo of the Bank of Montreal (BMO) is seen on their flagship location on Bay Street in Toronto, Ontario, Canada March 16, 2017. Picture taken March 16, 2017. REUTERS/Chris Helgren/File Photo
(Reuters) -Canada’s Bank of Montreal said on Monday it has agreed to sell its EMEA asset management business to Ameriprise Financial Inc for C$1.1 billion ($870 million) in an all-cash transaction to increase its focus on North America.
Canada’s fourth-largest lender will take a C$745 million write-down of goodwill after tax in the second quarter of fiscal 2021 as a result of the transaction, which is expected to close in the fourth quarter of calendar 2021, BMO said. ....

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UPDATE 1-Canada's BMO to sell EMEA asset management unit for about $870 mln

UPDATE 2-BMO to sell EMEA asset management unit for $870 mln to focus on North America
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By Nichola Saminather and Sohini Podder
April 12 (Reuters) - Canada s Bank of Montreal said on Monday it has agreed to sell its EMEA asset management business to Ameriprise Financial Inc for C$1.1 billion ($870 million) in an all-cash transaction to increase its focus on North America.
Canada s fourth-largest lender will take a C$745 million write-down of goodwill after tax in the second quarter of fiscal 2021 as a result of the transaction, which is expected to close in the fourth quarter of calendar 2021, BMO said. ....

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