Bank of Montreal takes over F&C Asset Management for £708million

BMO said the acquisition would position it as a “globally significant money manager, providing attractive cross-sell potential into wealth markets in the UK and the rest of Europe”.

The FC business will form the centrepiece of its ­European operations.

It added: “This enhanced scale is expected to improve prospects for winning institutional mandates in faster growing market segments and provides an advantage in the consultant driven US and UK ­institutional markets.”

FC’s chief executive Richard Wilson hailed “a unique opportunity to broaden and accelerate our ambitions”.

Numis analyst David McCann said: “While this appears to be a done deal, we would still argue that a counter bid is not completely impossible.”

FC shares gained 7p to 123½p.

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Wednesday, January 29th, 2014 EN

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