On May 15, 2001, Guardian Capital Group Limited announced the sale of its mutual fund company, Guardian Group of Funds Ltd., to Bank of Montreal for $180 million payable in shares of Bank of Montreal. The move by the bank—which sells funds mainly through its network of branches—is the latest in the consolidation of the Canadian fund industry. The Bank of Montreal, which sells no-load funds, is Canada’s 12th-largest fund player with $11.6 billion in assets. The deal to buy Guardian Group of Funds will add $2 billion in fund assets.
McCarthy Tétrault is acting for Guardian Capital Group with a team comprised of James W. McCutcheon, Q.C., F. David Rounthwaite, David B. Tennant, Danielle M. Bush, Ronald R. Schwass, Adam Slater, Trevor M. Noronha, (corporate), Mary Beth Currie (employment), Gregory J. Winfield (pensions), Michael Valihora (investment management), and Jillian M. Welch and Peter H. Harris, Q.C. (tax). Jon Levin, Janne Duncan, Steve Erlichman and David Moritsugu of Fasken Martineau DuMoulin LLP are acting for Bank of Montreal.