Important announcement regarding our Non-Canadian Asset Management Business

Update: July 28, 2021

On July 27, BMO Asset Management Corp. (“BMO”), the owner of Taplin, Canida & Habacht, LLC (“TCH”), announced that it has reached an agreement to sell TCH to Loop Capital LLC (“Loop Capital”).  Loop Capital will acquire TCH’s third-party institutional client contracts, subject to customary closing conditions.  The closing of the sale is expected to occur following the closing of the previously announced transactions with Columbia Threadneedle Investments. Prior to closing, clients within the scope of the transaction will be asked to provide consent to the continuation of their agreements with TCH after the change in ownership. The Relationship Management team will be contacting each client to request their consent.  For clients who decide not to move to Loop Capital, BMO will work to transition them to an alternate manager of their choice.

As noted earlier, Loop Capital shares with TCH a heritage of Minority Business Enterprise (MBE) ownership and the two firms believe they have strong cultural alignment.

Update: June 2, 2021

After discussions with investment leadership at Columbia Threadneedle Investments, the Disciplined Equity Team have accepted offers to join the firm. Columbia Threadneedle recognizes that the team’s approach is instrumental to their success and values the preservation of the team structure that is currently in place. Their process and philosophy will remain unchanged. David Corris has decided not to transition alongside the team and will leave the firm on June 18 to pursue another opportunity. Ernesto Ramos will assume David’s responsibilities as Head of Disciplined Equity. Ernesto is the ideal candidate to replace David as he was the founder of the team, its leader from 2011-2015, and a senior portfolio manager until late 2020 when he assumed the position of U.S. CIO. Ernesto has accepted an offer to transition to Columbia Threadneedle as Head of Disciplined Equity.

In addition, BMO Asset Management Corp. (“BMO”), the sole shareholder of Taplin, Canida & Habacht, LLC (“TCH”), and Loop Capital LLC (“Loop Capital”) have executed a letter of intent which will form the basis for negotiations toward a definitive agreement pursuant to which Loop Capital would acquire TCH from BMO. Under the proposed transaction, Loop Capital would acquire TCH’s third party institutional client contracts, and closing would be subject to customary closing conditions, including required regulatory approvals. Prior to closing, clients within the scope of the proposed transaction with Loop Capital will need to provide consent to the continuation of their agreements with TCH after the change in ownership. Following the signing of a definitive transaction agreement, TCH will contact clients about such consent.

Loop Capital shares with TCH a heritage of Minority Business Enterprise (MBE) ownership and the two firms believe they have strong cultural alignment.

Update: May 6, 2021

Columbia Threadneedle Investments and BMO can confirm that the Disciplined Equity Team have been offered positions with Columbia Threadneedle Investments. The team is now reviewing these offers and we expect them to have completed this review in the coming weeks. The team has spoken with investment leadership at Columbia Threadneedle. Columbia Threadneedle Investments recognizes that the team’s approach is instrumental to their success and values the preservation of the team structure that is currently in place. Their process and philosophy will remain unchanged.

As noted earlier, the transaction includes the opportunity for certain BMO asset management clients to move to Columbia Threadneedle Investments, subject to client consent. For clients who decide not to move to Columbia Threadneedle, we will work to transition them to an alternate manager of their choice and undertake an orderly wind down of our asset management business in the U.S., which we expect to substantially complete by the end of the calendar year. We will continue to manage client mandates during the transition period. BMO will maintain its Trust and Custody business and private debt capabilities in the U.S.

Update: April 15, 2021

Further to our communication on Monday, included below, Columbia Threadneedle Investments and BMO can confirm that all investment professionals on the Taxable Fixed Income Team in Miami and Disciplined Equity Team will be offered positions with Columbia Threadneedle Investment. Their process and philosophy will remain unchanged.

Original message: April 12, 2021

On April 12, BMO announced that we have reached an agreement to sell our Asset Management business in EMEA to Ameriprise Financial, Inc., subject to regulatory approvals and customary closing conditions. Our BMO asset management business in EMEA would become part of Columbia Threadneedle Investments, the global asset management business of Ameriprise, upon close. We expect to close the transaction by the end of the calendar year. Separately, in the U.S., the transaction includes the opportunity for certain BMO asset management clients to move to Columbia Threadneedle Investments, subject to client consent.

BMO is refocusing its Wealth Management business to grow its leadership position in its core North American footprint. In Global Asset Management, scale, distribution and capability reach have become increasingly essential to meet the evolving needs of clients. We believe Columbia Threadneedle Investments is well positioned to support you in this changing industry and deliver investment capabilities and offerings that are responsive to your needs.

We have great confidence in Ameriprise Financial, Inc. and its asset management business, Columbia Threadneedle Investments, as we share similar approaches in many areas. This includes our clientcentric and collaborative culture, a commitment to active management underpinned by a deep commitment to Responsible Investment principles, and a culture of care for people and teams.

Columbia Threadneedle Investments has a strong track record as a global asset manager with $547 billion AUM. Bringing together our two complementary businesses will allow them to expand their offerings and add capabilities where BMO already has a leading market edge including Responsible Investment (RI), Liability Driven Investing (LDI), Fiduciary/outsourced management (OCIO), European Real Estate, and Investment Trusts amongst others while adding breadth and depth across a range of other asset classes.

We value the relationship and trust our team has built with you. We recognize the importance of maintaining stability and continuity of teams for our clients and look forward to working together with Columbia Threadneedle Investments as we build out our combined approach and client proposition from here.

We will seek to keep you up-to-date on the progress of the transaction with open lines of communication. We are committed to ensuring a smooth transition over the next several months. We look forward to introducing you to Columbia Threadneedle Investments. In the meantime, should you have any questions, please do not hesitate to contact your usual BMO GAM relationship manager.

Thank you for your continued trust in us.

Sincerely,

Kristi Mitchem

CEO and Head, BMO Global Asset Management