BMO Financial Group is to acquire Hong
Kong-based independent investment manager Lloyd George Management
(LGM) to bolster its wealth management capabilities in Asia.
The boutique asset manager, LGM, specialises
in Asia and global emerging markets with a local presence in
London, Singapore, Mumbai and Florida.
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The deal forms a key part in BMO’s Greater
China strategy which centres on the expansion of portfolio
management in the area, said BMO private client group president
Gilles Ouellette.
LGM has over 80 employees across portfolio
management and research, client service, administration and
compliance. The firm is understood to have assets under management
of about $6bn.
The acquisition is expected to close early in
the third quarter of 2011, subject to regulatory and other
approvals.
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By GlobalDataBMO granted China investor
licence
Meanwhile, the China Securities Regulatory
Commission approved both BMO and Julius Baer as Qualified Foreign
Institutional Investors (QFII) last month.
The QFII licence is the only method through
which foreign investors can trade China’s domestically listed
yuan-denominated A shares.
