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BMO Financial Group to buy Burgundy Asset Management for $625 million

TORONTO 鈥� BMO Financial Group has signed a deal to buy Burgundy Asset Management Ltd. for $625 million in shares. Burgundy provides discretionary investment management for private clients, foundations, endowments, pensions and family offices.
Canadian Press
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A person makes their way past the Bank of Montreal (BMO) building in the Financial District of Toronto, on Monday, Aug. 14, 2023. THE CANADIAN PRESS/Spencer Colby

TORONTO 鈥� BMO Financial Group has signed a deal to buy Burgundy Asset Management Ltd. for $625 million in shares.

Burgundy provides discretionary investment management for private clients, foundations, endowments, pensions and family offices.

It had about $27 billion in assets under management as of May 31.

Under the deal, Burgundy will operate as part of BMO Wealth Management.

Burgundy chief executive Robert Sankey will continue to lead the business, while Burgundy co-founders Tony Arrell and Richard Rooney will also remain.

The transaction is expected to close by the end of the year, subject to customary closing conditions including regulatory approvals.

This report by The Canadian Press was first published June 19, 2025.

Companies in this story: (TSX:BMO)

The Canadian Press