BMO Financial Group has signed an agreement to acquire Pyrford International plc, an institutional asset manager based in the United Kingdom.
Financial terms of the transaction were not disclosed.
“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,” says Gilles Ouellette, president and CEO, private client group, BMO Financial Group.
Pyrford has been providing international asset management services for pension funds, charities, endowments, foundations and high net worth individuals since 1987.
As of Sept. 30, 2007, it had approximately US$3 billion assets under management(AUM)and client relationships in Canada, the United States, the U.K., Europe and the Middle East. North American clients currently account for more than 65% of Pyrford’s assets under management.
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