A Timetric briefing service

BMO boosts Asian wealth arm with LGM buy-out

17 January 2011

BMO Financial Group is to acquire Hong Kong-based independent investment manager Lloyd George Management (LGM) to bolster its wealth management capabilities in Asia.

The boutique asset manager, LGM, specialises in Asia and global emerging markets with a local presence in London, Singapore, Mumbai and Florida.

The deal forms a key part in BMO’s Greater China strategy which centres on the expansion of portfolio management in the area, said BMO private client group president Gilles Ouellette.

LGM has over 80 employees across portfolio management and research, client service, administration and compliance. The firm is understood to have assets under management of about $6bn.

The acquisition is expected to close early in the third quarter of 2011, subject to regulatory and other approvals.

Meanwhile, the China Securities Regulatory Commission approved both BMO and Julius Baer as Qualified Foreign Institutional Investors (QFII) last month.

The QFII licence is the only method through which foreign investors can trade China’s domestically listed yuan-denominated A shares.