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Ameriprise to Buy BMO Unit With $124 Billion in Client Funds

  • Europe, Middle East, Africa unit to be sold for $847 million
  • BMO’s CEO has been looking to trim non-core businesses
Bank of Montreal (BMO) signage is displayed on a building in the financial district of Toronto.
Bank of Montreal (BMO) signage is displayed on a building in the financial district of Toronto.Photographer: Brent Lewin/Bloomberg
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Bank of Montreal agreed to sell its Europe, Middle East and Africa asset-management unit to Ameriprise Financial Inc. for 615 million pounds ($847 million), marking Chief Executive Officer Darryl White’s biggest move yet to trim the bank’s portfolio of non-core businesses.

The sale includes the opportunity for some U.S. clients to move to Ameriprise’s Columbia Threadneedle Investments unit, subject to their consent, Toronto-based Bank of Montreal said in a statement Monday. The deal also will give Bank of Montreal’s North American wealth management clients access to a range of Columbia Threadneedle products.