Canadian Bank Chooses China

BMO continues buying spree in Asia

BMO Financial Group announced a definitive agreement Tuesday to buy Hong Kong-based Lloyd George Management for an undisclosed amount of money.
The firm, which also has offices in London, Singapore, Mumbai and Florida, manages about US$6-billion in assets.
"The acquisition of Lloyd George provides the scale for further expansion of BMO Asset Management and bolsters our portfolio management capabilities in Asian and emerging markets," said Gilles Ouellette, president and CEO for the private client group of BMO Financial Group.
Lloyd George’s chairman, Robert Lloyd George, said the acquisition will allow his team to continue their focus on China, as well as India and emerging markets. BMO said it would extend offers of employment for Lloyd George’s entire team of more than 80 employees, as well as retain Mr. Lloyd George as chairman of the company.
John Aiken, analyst with of Barclays Capital, said although the acquisition was relatively immaterial to BMO, it was a sign that the bank continues to make inroads to China.
“The acquisition provides additional exposure to China as well as India and other markets that continue to garner interest and should augment BMO's current offerings quite well,” he said in a note to investors. “This acquisition underscores the importance that the Canadian banks are placing on wealth management, particularly in the global context.”

Read more: http://www.cbc.ca/fp/story/2011/01/11/4090633.html#ixzz1AlvaP2O3