F&C subject to £700m buyout from Canadian bank

first_imgHe added: “F&C and BMO both take pride in having built distinctive and engaging brands – grounded in a long history of trust – and we share a deeply held conviction in working in the best interests of our clients.”Richard Wilson, Downe’s counterpart at F&C, said changes implemented in recent years put the cpmpany in a good position to develop.“Looking forward, BMO represents a unique opportunity to broaden and accelerate our ambitions,” he said.“The products, geographic presence and cultures of both organisations are truly complementary, and, with BMO’s commitment to growth, this is clearly a very positive outcome for both our clients and employees. We look forward to joining the BMO organisation.”At the end of 2013, F&C reported assets under management (AUM) of £82bn, down from £95bn just 12 months’ prior.At the time, more than 80% of its AUM stemmed from European institutional clients, according to IPE’s Top 400 Asset Managers 2013. F&C Asset Management is set for a £700m (€845m) acquisition by the asset management arm of Canada’s Bank of Montreal in a deal that values the company at a nearly 30% premium over its pre-deal stock price.BMO Financial Group, both the bank and BMO Global Asset Management’s parent company, announced today that it would offer F&C shareholders 120 pence per share, significantly up from its 93.8 pence price at the end of last week and resulting in a £708m offer.The Canadian group said F&C’s board would unanimously recommend shareholders accept the deal, with the acquisition set to close in May, subject to regulatory approval.Bill Downe, CFO at BMO, praised F&C’s “established pedigree” in fixed income, equity and property investments.last_img read more

More High School Students Graduating Earlier

first_imgOver a dozen seniors are on pace to graduate from Batesville High School this December.As the fall semester is winding down at Batesville High School, some seniors will be clearing out their lockers and moving on to the next chapter in life.The number of Batesville seniors graduating in winter has increased the last few years.According to Batesville High School Principal Andy Allen, the program was implemented approximately five years ago when just a handful of students utilized early graduation.Fifteen of the 163 seniors chose to graduate early last year, and thirteen seniors are on pace to graduate this month.“We are willing to accommodate them if their willing to work sometimes during the summer or even in an online environment,” Allen indicated. “If that is in their best interest, it is our job to provide a curriculum for them to do that.”Students will begin classes at a college such as Ivy Tech while a couple others will enter the workforce as early as next month, Allen explained.“If you wanted to go into something specific and start in January, that option has to be available, and it is a good option for some kids,” the Batesville High School principal said.last_img read more

On The Beat: men’s basketball preseason

first_imgThe Daily Orange men’s basketball beat writers Brett LoGiurato, Tony Olivero and Andrew L. John kick off the season with this preseason edition of On The Beat. Includes major players this year and what to expect from the team overall. Check back at dailyorange.com or blogs.dailyorange.com/sports for more on the team as they continue on this season. Comments Published on November 12, 2010 at 12:00 pmcenter_img Facebook Twitter Google+last_img