MINNEAPOLIS – (COMMERCIAL THREAD) – Ameriprise Financial, Inc. (NYSE: AMP) today announced that it has completed the previously announced acquisition of the EMEA asset management business of BMO Financial Group (BMO) for £ 615 million, or approximately $ 829 million1, subject to customary adjustments. The all-cash transaction adds approximately $ 131 billion in assets under management, bringing Ameriprise’s total assets under management and administration to more than $ 1.3 trillion.
Jim Cracchiolo, President and CEO, said: “We are delighted to complete this strategic acquisition which significantly expands our reach in the EMEA region and adds significant capabilities to Columbia Threadneedle. BMO GAM EMEA’s business is doing well with positive flows, which complement the organic growth we have been driving. Most importantly, clients and institutional consultants have responded favorably. We welcome the team at Ameriprise and Columbia Threadneedle and look forward to what we can accomplish together.
The acquisition accelerates Ameriprise’s strategy of growing its profitable businesses and increasing the overall contribution of wealth management and asset management within its diversified businesses. It complements Columbia Threadneedle Investments’ core business and global growth strategy, adding a substantial presence in the European institutional market and significantly expanding its investment capabilities and solutions to meet growing client demand. The acquisition adds key capabilities in growing segments including responsible investing, responsibility-driven investing, fiduciary / outsourced management (OCIO) and European real estate.
The addition of BMO’s EMEA asset management business brings Columbia Threadneedle’s assets under management to over $ 714 billion with a geographic balance in both North America and EMEA and a growing presence in APAC. In addition, the acquisition establishes a strategic relationship with BMO Wealth Management giving its North American wealth management clients the ability to access a range of Columbia Threadneedle investment management solutions. Separately, the transaction will result in the transfer of certain clients from BMO US Asset Management to Columbia Threadneedle at a later date, subject to client consent.
About Ameriprise Financial
At Ameriprise Financial, we’ve been helping people have confidence in their financial future for over 125 years. With a nationwide network of approximately 10,000 financial advisors and extensive asset management, advisory and insurance capabilities, we have the strength and expertise to meet the full range of financial needs of individual and institutional investors. . For more information, visit ameriprise.com.
About Columbia Threadneedle Investments
Columbia Threadneedle Investments is a leading global asset manager providing a broad range of investment strategies and solutions for individuals, institutions and businesses around the world. With more than 2,000 people, including more than 450 investment professionals based in North America, Europe and Asia, the company manages more than $ 714 billion in assets through equities in developed and emerging markets, fixed income securities, asset allocation solutions and alternatives.
Columbia Threadneedle Investments is the global asset management group of Ameriprise Financial, Inc. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand of the Columbia and Threadneedle group of companies.
This press release contains, and certain oral statements made by our representatives from time to time may contain, forward-looking statements that reflect the plans, estimates and beliefs of management. Actual results could differ materially from those described in these forward-looking statements. The words “about”, “add”, “increases” or similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements. These factors include, but are not limited to: changes in exchange rates; the ability of companies to integrate the business successfully and achieve objectives and expected results; reactions or potentially adverse changes in business relationships resulting from the completion of the transaction; Ameriprise’s ability to retain and hire key personnel; the risks that the proposed transaction will disrupt current plans and operations; and general economic and political factors. Management cautions that the above list of factors is not exhaustive. There may also be other risks that management is unable to predict at this time and which could cause actual results to differ materially from those shown in these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Management assumes no obligation to publicly update or revise any forward-looking statements. The above list of factors should be read in conjunction with the “Risk Factors” discussed in Part 1, Item 1A and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2020 available at ir .ameriprise.com.
FX conversion rate of 1.3474 as of 09/30/21
Assets under management at 09/30/21
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