The latest wealth management acquisition by Bank of Montreal will expand its mutual fund reach in Canada to include funds sold through independent advisors not affiliated with the bank.

Bank of Montreal will be the new owner of Guardian Group of Funds, the mutual funds subsidiary of Guardian Capital Group, an independent money manager in Toronto. Bank of Montreal, which like all of Canadian banking's Big Five is based in Toronto, has agreed to acquire the Guardian subsidiary for $118 million, to be paid in common shares of the bank.

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