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Tuesday, January 11, 2011

BMO Financial to buy wealth manager Lloyd George, (TSE: BMO), (NYSE: BMO)

Canada's BMO Financial Group (BMO.TO) (BMO.N) said it will buy Hong Kong-based wealth management firm Lloyd George Management on undisclosed terms, as it looks to boost its presence in Asia and emerging markets. Apart from Hong Kong, Lloyd George has a local presence in London, Singapore, Mumbai and Florida. The specialist emerging markets manager has about $6 billion under management. "Wealth management is a key component in BMO's Greater China strategy. This acquisition will complement our established presence in China," Gilles Ouellette, chief executive of the company's Private Client Group said.