BMO Acquires Burgundy in $625M Wealth Management Deal
Why is BMO Acquiring Burgundy Asset Management?
BMO Wealth Management has announced its plan to acquire Burgundy Asset Management Ltd. for $625 million. Burgundy, a highly regarded investment firm in Canada, manages approximately $27 billion in assets for high-net-worth individuals, institutions, and family offices. The transaction is expected to be finalized by the end of this year.
Known for its disciplined investment strategies and strong client service, Burgundy has built a trusted reputation in Canada’s financial landscape. Deland Kamanga, Group Head of Wealth Management at BMO, highlighted that this acquisition aligns with BMO’s longstanding commitment to delivering client-focused wealth services and will enhance its private investment and wealth advisory offerings.
Will Burgundy Continue to Operate Independently?
While Burgundy will become part of BMO Wealth Management, the firm will retain its leadership structure. Robert Sankey will continue as CEO, ensuring continuity for clients and team members.
According to Tony Arrell, Chairman and Co-Founder of Burgundy, the move supports Burgundy’s original mission to serve families over generations. Joining forces with BMO, he said, provides a strong foundation for long-term service and growth under a trusted Canadian financial institution.
The purchase price of $625 million will be paid in BMO common shares. An additional $125 million is being held back and will be payable 18 months after the deal closes conditional on Burgundy maintaining a set level of assets under management.
What Should Burgundy Employees Know About the BMO Buyout?
When a large institution like BMO acquires another company, such as its recent purchase of Burgundy Asset Management, internal changes often follow. These can include shifts in leadership, department restructuring, or even job losses especially in overlapping roles.
If you’re a non-unionized employee impacted by this transition, it’s important to understand your rights. In Canada, employees may be entitled to more severance than initially offered depending on factors like your role, how long you’ve worked there, and the terms of your employment contract.
If you’re facing uncertainty due to the BMO-Burgundy acquisition, the team at Whitten & Lublin can help. Our experienced employment lawyers will review your situation and ensure you receive the compensation you deserve. Call us at (416) 640 2667or reach out online to book a confidential consultation.