BMO Acquires Burgundy Asset Management to Enhance Wealth Management Services
- BMO acquires Burgundy Asset Management for CAD 630 million, enhancing its Wealth Management division for high-net-worth clients.
- Burgundy will retain its leadership team and operate under BMO Wealth Management post-acquisition.
- This acquisition aligns with BMO's strategy to provide personalized investment solutions and strengthen its market position.
BMO Expands Wealth Management with Acquisition of Burgundy Asset Management
On June 19, 2025, Bank of Montreal (BMO) reveals its strategic acquisition of Burgundy Asset Management Ltd., a well-established independent wealth manager with approximately CAD 27 billion in assets under management as of May 31, 2025. The deal, valued at around CAD 630 million, will be settled through BMO common shares and includes a CAD 125 million holdback contingent on Burgundy's retention of certain assets for 18 months post-closing. This acquisition is a pivotal step in BMO's efforts to strengthen its Wealth Management division, particularly for high-net-worth and ultra-high-net-worth clients, as the bank has recently earned accolades as Canada’s Best Private Bank for Ultra-High-Net-Worth clients from Euromoney.
Burgundy, founded in 1990 and operating offices in Toronto, Vancouver, and Montreal, specializes in discretionary investment management for a diverse clientele, including private clients, foundations, and family offices. With a workforce of 150 professionals, the firm is recognized for its client-centric approach and strong performance in the investment management arena. Following the acquisition, Burgundy is set to operate under BMO Wealth Management, retaining its leadership team, including CEO Robert Sankey and co-founders Tony Arrell and Richard Rooney. Deland Kamanga, BMO's Group Head of Wealth Management, expresses confidence in the acquisition, emphasizing its potential to deepen BMO's client-centric investment advisement capabilities.
This acquisition aligns with BMO's broader strategy to expand its wealth management services and adapt to the increasing demand for personalized investment solutions. The integration of Burgundy’s expertise into BMO’s offerings is expected to provide clients with a wider array of investment options and enhance the bank’s competitive position in the asset management sector. As more individuals seek comprehensive financial planning and tailored investment guidance, BMO's proactive approach in this acquisition underscores its commitment to delivering long-term value to clients and stakeholders, reinforcing its stature in the rapidly evolving financial landscape.
In addition to the acquisition, BMO also announces the establishment of a new Office of Reconciliation, aimed at fostering a deeper integration of reconciliation principles within the organization. This initiative reflects BMO's commitment to addressing historical injustices and promoting inclusivity across its operations, highlighting the bank’s dedication to social responsibility and its proactive engagement with Indigenous communities.
Moreover, BMO has made significant executive appointments to enhance its commitment to these communities. Dan Adams, formerly of the BMO Indigenous Banking Unit, has been appointed as the Head of the Office of Reconciliation, tasked with developing strategies that align with Indigenous needs and expectations. These initiatives collectively mark a significant step in BMO’s ongoing efforts to foster meaningful relationships and ensure that the voices of Indigenous populations are heard and addressed effectively.
