BMO Announces Acquisition of Burgundy Asset Management

• Expands BMO’s wealth management and financial planning capabilities focused on high-net-worth and ultra-high-net-worth individuals, families and institutions

TORONTO, June 19, 2025 – BMO (TSX:BMO) (NYSE:BMO) is making a strategic move to fortify its wealth management arm, announcing today the acquisition of Burgundy Asset Management Ltd. This deal marks a significant expansion of BMO’s capabilities in the high-net-worth and ultra-high-net-worth client space. Burgundy, an independent wealth manager with approximately $27 billion in assets under management as of May 31, 2025, brings a strong track record of discretionary investment management for a diverse clientele, including private clients, foundations, and family offices.

This acquisition aligns perfectly with BMO’s strategic vision to deepen its offerings within the Canadian Investment Counsel market. BMO, recently recognized as Canada’s Best Private Bank for Ultra-High-Net-Worth clients by the Euromoney Private Banking Awards, is clearly positioning itself to capture a larger share of the premium wealth management segment. The transaction, slated to close by the end of 2025 pending regulatory approvals, signals BMO’s commitment to providing tailored financial solutions for sophisticated investors.

The terms of the deal see BMO acquiring Burgundy for approximately $625 million, to be paid in BMO common shares. A $125 million holdback is included, contingent on Burgundy maintaining a certain level of assets under management post-closing, underscoring the emphasis on sustained performance. Furthermore, the agreement includes a potential earn-out component linked to future growth metrics.

“Burgundy Asset Management is one of Canada’s most respected independent investment managers known for its high calibre team, rigorous investment process and dedicated service to private clients, institutions and family offices,” said Deland Kamanga, Group Head, Wealth Management, BMO Financial Group. “The acquisition will build on BMO’s heritage as a client-focused wealth manager while expanding our wealth advice and private investment counsel offering.”

Post-acquisition, Burgundy will integrate into BMO Wealth Management, with Burgundy’s Chief Executive Officer, Robert Sankey, remaining at the helm. Co-Founders Tony Arrell and Richard Rooney will also continue to be involved, ensuring a smooth transition and continuity of Burgundy’s investment philosophy.

“It has always been our intention to build Burgundy for the long run, so we can serve our clients and their families across generations,” said Tony Arrell, Chairman and Co-Founder, Burgundy Asset Management Ltd. “We are happy to be joining BMO, a North American leader, and believe this is a great opportunity to continue to serve our clients well into the future.”

Founded in 1990, Burgundy employs 150 professionals across offices in Toronto, Vancouver, and Montreal. This geographic footprint further strengthens BMO’s reach across the Canadian market.

About Burgundy Asset Management

Burgundy Asset Management Ltd. is a global investment management firm headquartered in Toronto, with additional offices in Montreal and Vancouver. Founded in 1990, Burgundy has been dedicated to serving high-net-worth individuals, foundations, endowments, pensions, and family offices. The firm is known for its disciplined quality/value investment approach, focused on protecting and compounding clients’ capital over the long term. As of May 31, 2025, Burgundy had approximately $27 billion in assets under management.

About BMO Financial Group 

BMO Financial Group is the seventh largest bank in North America by assets. Currently at $1.4 trillion as of April 30, 2025. With two centuries under its belt, BMO has emerged as a diverse team serving 13 million customers across Canada and the United States, as well as internationally, with a broad spectrum of banking, wealth management, and investment services. BMO’s purpose is to Boldly Grow the Good in business and life, and the bank is committed to driving positive change in the world, promoting a thriving economy, a sustainable future, and an inclusive society.