BMO and Burgundy Asset Management signed a definitive agreement for BMO to acquire Burgundy Asset Management, an independent wealth manager, providing discretionary investment management for private clients, foundations, endowments, pensions and family offices with approximately $27 billion in assets under management, as of May 31, 2025.
The acquisition of Burgundy will be an expansion of BMO Wealth Management and is poised to strengthen BMO’s offering in the Canadian Investment Counsel space catering to high-net-worth and ultra-high-net-worth clients. The transaction is expected to close by the end of calendar 2025, subject to customary closing conditions including regulatory approvals.
BMO will acquire Burgundy for a purchase price of approximately $625 million, payable in BMO common shares, including a $125 million 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,” Deland Kamanga, group head, wealth management at BMO Financial Group, said. “The acquisition will build on BMO’s heritage as a client-focused wealth manager while expanding our wealth advice and private investment counsel offering.”
Upon closing, Burgundy will operate as part of BMO Wealth Management and Burgundy’s CEO, Robert Sankey, will continue to lead the business. Burgundy co-founders Tony Arrell and Richard Rooney will also remain with the business.
“It has always been our intention to build Burgundy for the long run, so we can serve our clients and their families across generations,” Arrell said. “We are happy to be joining BMO, a North American leader, and believe this is a great opportunity to continue to serve our clients well into the future.”
KMS Capital, Origin Merchant Partners and PJT Partners acted as financial advisors to Burgundy on the transaction. Torys acted as legal counsel. BMO Capital Markets acted as exclusive financial advisor to BMO on the transaction. Osler, Hoskin & Harcourt acted as legal counsel.
