F&C will continue to operate under the leadership of its CEO Richard Wilson and his management team, who will report to Barry McInerney, Co-CEO of BMO Global Asset Management.
With the acquisition finalised, the asset management arm of BMO has about half its assets under management outside of North America, with 24 offices across five continents.
"Adding a European base builds scope and scale to our well-established portfolio of wealth management businesses and rounds out what is a broad global offering,” CEO of BMO Financial Group Bill Downe said.
"F&C clients will continue to enjoy the high level of service that they have known and will benefit from BMO’s broader array of investment products and solutions," Wilson added.
BMO also owns Lloyd George Management and Pyrford International, both with offices in London. The group's global asset management arm already has £78.5bn in assets under management. The F&C deal brings a further £82.1bn assets under management, according to the latest available figures which still stand from 31 December 2013.
New figures for assets under management will be released in tandem with BMO’s next update, according to a spokesperson.
