LONDON Jan 28 Canada's Bank of Montreal
confirmed on Tuesday it will acquire UK fund manager
F&C Asset Management, operator of the world's oldest
investment trust, for an agreed 708 million pounds ($1.17
billion) in cash to expand its wealth management arm.
The announcement follows a statement from F&C on Monday that
it had received an offer, sending its shares up 28 percent at
one point, to close at 116.4 pence.
F&C said its shareholders will be entitled to receive 120
pence in cash for each F&C share held.
The fund manager, which traces its roots back to the launch
of the Foreign & Colonial Investment Trust in 1868,
also updated the market, saying it had 82.1 billion pounds of
assets under management at the end of 2013, down from 90.1
billion three months earlier.