LGM is an independent investment manager, with about $6 billion in assets under management, which focuses on Asia and global emerging markets. In addition to Hong Kong, it also has offices in London, Singapore, Mumbai, and Florida, in which it employs over 80 people in portfolio management and research, client service, administration and compliance.

"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," Gilles Ouellette, president and chief executive of BMO's private client group and chairman of Bank of Montreal , said in a statement.

Given Lloyd George's size and scope, the acquisition will complement BMO's existing China business, which recently expanded with the incorporation of its banking subsidiary and the purchase of an equity interest in China's Fullgoal Fund Management.

Upon completion of the deal, expected by the third quarter of this year, BMO said it will extend employment offers to LGM's entire team, while Robert Lloyd George will remain chairman of the firm. Lloyd George Management will continue to operate under its original name.