Canadian mutual fund company AGF Management Limited (TSX:AGF.B) announced a $320-million bonus from its merger between two large British money managers.
Announced on Thursday, the
Smith & Williamson and
Tilney merger is expected to create the UK’s leading integrated wealth management and professional services group with over £45 billion ($75 billion CAD) in assets under management and £500m ($828 billion CAD) in revenues.
AGF estimates that the transaction will result in total cash and equity proceeds of approximately £193.2 million ($320 million CAD).
The transaction is anticipated to close early 2020.