Leo No茅 and Ivor Smith are retiring from ( REP) and have sold their stakes in the company.
No茅, the chairman, and Smith, a partner and board member, have sold their combined interest of 30% to F&C Asset Management, part of BMO Global Asset Management, which now has full ownership.
No茅 founded REIT Asset Management in 1997, which in 2008. F&C itself was in 2014.
Some assets, including contracts for the management of No茅 family trust assets, will be demerged from BMO REP and returned to No茅 and his family in August.
No茅 family trust assets in Germany will remain under the management of BMO REP in Munich.
Angus Henderson, head of business development, and Ian Kelley, fund director Europe and head of France, have been appointed to the executive committee of BMO REP.
No茅 will become non-executive chairman.
BMO Global Asset Management, which owns a number of investment subsidiaries, said the deal supported its 鈥渟trategy as a global multi-asset class manager to own 100% of its investment boutique businesses where possible鈥�.
The company, headquartered in Toronto, has global assets of CAD692bn (鈧�488bn). BMO REP had 鈧�8.26bn in assets under management at the middle of last year, according to IPE Real Estate鈥檚 .
Richard Wilson, CEO of BMO Global Asset Management, said: 鈥淏MO REP remains core to our offering as a global multi-asset class manager of global significance.鈥�
