By Adriano Marchese

Bank of Montreal has agreed to acquire independent wealth manager Burgundy Asset Management for 625 million Canadian dollars ($456.4 million) in shares.

The acquisition will expand the Canadian financial institution's Wealth Management segment as well as strengthen its offering in the Canadian Investment Counsel space, the two companies said in a joint statement Thursday.

Burgundy has 150 employees and serves clients, including high-net-worth and ultra-high-net-worth clients, from offices in Toronto, Vancouver and Montreal.

The purchase price will be made in BMO common shares, and includes a C$125 million holdback to be paid on the condition that Burgundy maintains certain assets under management 18 months following the closing.

When the transaction closes by the end of the year, Burgundy will join the BMO Wealth Management segment and Burgundy's chief executive officer, Robert Sankey, will continue to lead the business.

Burgundy Co-Founders Tony Arrell and Richard Rooney will also remain with the business.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

June 19, 2025 07:59 ET (11:59 GMT)

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