BMO to acquire Burgundy Asset Management for C$625M in shares

BMO and Burgundy Asset Management Ltd. announced the signing of a definitive agreement for BMO to acquire Burgundy, an independent wealth manager, providing discretionary investment management for private clients, foundations, endowments, pensions and family offices with approximately C$27B in assets under management, as of May 31, 2025. The acquisition of Burgundy will be an expansion of BMO Wealth Management and strengthen BMO’s offering in the Canadian Investment Counsel space catering to high-net-worth and ultra-high-net-worth clients, the company stated. Founded in 1990, Burgundy’s 150 employees serve clients from offices in Toronto, Vancouver and Montreal. BMO will acquire Burgundy for a purchase price of approximately C$625M, payable in BMO common shares, including a C$125M holdback to be paid subject to Burgundy maintaining certain assets under management 18 months post-closing. An earn-out component may also be paid in the future based on the achievement of certain growth targets. “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. The acquisition will build on BMO’s heritage as a client-focused wealth manager while expanding our wealth advice and private investment counsel offering,” said Deland Kamanga, Group Head, Wealth Management, BMO Financial Group.