BMO Real Estate Partner’s chairman Leo Noé and Ivor Smith, partner and member of the BMO REP board, have sold their stake in the company and retired from their roles.
F&C Asset Management, part of BMO Global Asset Management, bought its combined 30% stake as part of the company’s goal to wholly own its investment businesses.
As part of the deal, BMO REP will be demerged, with Noé and his family taking control of its UK value-add business in August 2017.
Noé, who joined the BMO REP board in September 2008 on completion of the F&C and REIT Asset Management merger, will take up a position as non-executive chairman.
Noé said: “I feel great pride in what we have achieved at BMO REP and have enjoyed working with this team of committed and talented real estate professionals.
“In my role as non-executive chairman, I look forward to being able to provide continuity to the business and my ongoing support for the BMO REP leadership team.”
Richard Wilson, chief executive of BMO Global Asset Management, said: “BMO REP remains core to our offering as a global multi-asset class manager of global significance. I want to thank Leo and Ivor for their immense contribution following the merger, helping develop BMO REP into the outstanding business it is today.”
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