To expand its Asian wealth management business, BMO Financial Group announced Tuesday that it has signed a definitive agreement to buy Hong Kong-based Lloyd George Management.

Lloyd George, which was founded in 1991, is independent investment manager specializing in Asia and Global Emerging Markets. It has $6 billion in assets under management. In addition to its Hong Kong offices it has locations in London, Singapore, Mumbai and Florida. The company employs more than 80 people in portfolio management and research, client service, administration and compliance including 29 investment professionals.

"The acquisition of Lloyd George provides the scale for further expansion of BMO Asset Management and bolsters our portfolio management capabilities in Asian and emerging markets, allowing us to meet our institutional, private banking, BMO Nesbitt Burns and retail clients' growing demand for global investment strategies," said Gilles Ouellette, the president and chief executive officer of BMO Financia;’s private client group, and chairman of the Bank of Montreal (China) Co. Ltd.

"Over the last two decades, we have built Asia's leading independent boutique, originally focused on China and India but now encompassing global emerging and frontier markets," said Robert Lloyd George, Chairman of LGM. "BMO's long term commitment to China and the region gives us the opportunity to develop our teams and our products further and to continue to service our investors with performance and professionalism. They are a natural and complementary partner for our existing business and we look forward to developing assets under management together in the future."

BMO, which is also known as Bank of Montreal, will extend offers of employment to Lloyd George’s team and Robert Lloyd George will remain chairman of the company, which will continue to operate under the name Lloyd George Management. When the deal closes in the fiscal third quarter, he will report to Barry McInerney, the head of BMO Asset Management, U.S. & International.

Lloyd George is 72% owned by current and former employees, including Robert Lloyd George. The firm has three external shareholders, including Eaton Vance Corp. The price of the deal was not disclosed.

BMO Asset Management, which had $55.3 billion in assets under management, has offices in Canada, the United States and the United Kingdom. It is based in Toronto.