08:19 AM EDT, 06/19/2025 (MT Newswires) -- Bank of Montreal ( BNKD ) on Thursday said it will acquire independent wealth manager Burgundy Asset Management for $625 million in shares.

BAM, which has $27 billion in assets under management, will operate as part of BMO Wealth Management. Burgundy Chief Executive Robert Sankey will continue to lead the business, and co-founders Tony Arrell and Richard Rooney will also remain.

The transaction is expected to close by the end of this year.

"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," said Deland Kamanga, wealth management group head at BMO Financial Group. "The acquisition will build on BMO's heritage as a client-focused wealth manager while expanding our wealth advice and private investment counsel offering."

BMO was last seen up US$0.87, to US$107.12, in U.S. pre-market trading.