BMO Financial, the former Bank of Montreal, is buying a London-based institutional asset manager to expand its reach into other markets and lead its private client group managing over $100bn (€68.9bn) of assets.

The bank will acquire London-based Pyrford International which manages $3bn of assets for institutional investors including pension funds, endowments, and high net worth individuals. The deal is due to close in December pending regulatory approval, and terms were not disclosed.