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BMO completes purchase of Euroz Hartleys' capital markets business

BMO completes purchase of Euroz Hartleys' capital markets business

Money Moves

The Canadian bank paid A$145 million for a Perth broker built around metals and mining dealmaking, giving it an Australian equity distribution desk for the first time

November 2nd, 2026: Euroz Hartleys sets out shareholder payout

Overview

Updated 4 days ago

Bank of Montreal closed its A$145 million purchase of Euroz Hartleys' capital markets business on November 1. The next day, Euroz Hartleys said it will return most of the cash to shareholders through a fully franked special dividend and an equal return of capital worth about 61.4 cents a share.

The final amount and payment date depend on month-end completion adjustments and will be confirmed in a later ASX announcement. Euroz Hartleys also has new leadership: Jay Hughes is non-executive chair and Alex Logan is chief executive, both appointed in October. What remains is the private wealth business, with A$5.16 billion under management at June 30.

Why it matters

One of the Perth brokers that raises money for Australian mining companies now belongs to a Canadian bank with a global mining franchise.

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Key Indicators

A$145M
Purchase price
All-cash consideration agreed in June 2026, subject to customary completion adjustments.
~40
Staff joining BMO
Euroz Hartleys team members expected to move to BMO Capital Markets at closing.
A$4.6B
Equity capital raisings, FY2026
Euroz Hartleys group figure for the year to June 30, 2026, up from about A$1.6 billion a year earlier.
A$5.16B
Funds under management
Private wealth arm at June 30, 2026; that business stays independent of BMO.
A$0.614
Payout per share
Indicative special dividend plus equal return of capital, to be finalised after month-end procedures.

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People Involved

Andrew McKenzie
Andrew McKenzie
Executive chair of Euroz Hartleys Group
No longer executive chair after Jay Hughes was appointed non-executive chair in October 2026; the sale he negotiated completed on November 1
TB
Tim Bunney
Managing director of Euroz Hartleys Group
The group named Alex Logan as chief executive in October 2026; the sale Bunney negotiated with BMO completed on November 1
JH
Jay Hughes
Non-executive chair of Euroz Hartleys Group
Appointed non-executive chair in October 2026
AL
Alex Logan
Chief executive of Euroz Hartleys Group
Appointed chief executive in October 2026

Organizations Involved

BMO Financial Group
BMO Financial Group
Bank holding company
Buyer; completed the acquisition on November 1, 2026

Canada's oldest bank, which has spent two decades building a metals and mining investment banking franchise sold from Toronto, London and now Perth.
Euroz Hartleys Group Limited
Euroz Hartleys Group Limited
Listed financial services company (ASX: EZL)
Completed the sale to BMO on November 1, 2026; now a private wealth business and has flagged a distribution of about 61.4 cents a share

Perth firm that sold its capital markets arm to BMO and kept its private wealth business, with A$5.16 billion under management at June 30, 2026.

Timeline

June 2026 November 2026

7 events Latest: November 2nd, 2026 · 1 week ago
Tap a bar to jump to that date

  1. Euroz Hartleys sets out shareholder payout

    Latest Deal

    The company confirms the sale has completed and says it will return about 61.4 cents a share through a special dividend and capital return, with the final figure and timetable to follow month-end procedures.

  2. Acquisition completes

    Deal

    BMO takes ownership of the Perth capital markets business; roughly 40 staff join and a strategic alliance with the remaining wealth firm begins.

  3. Shareholders approve the sale

    Vote

    The general meeting passes the resolution, clearing the main remaining hurdle.

  4. Conditions precedent still outstanding

    Statement

    Euroz Hartleys says alliance, transitional services and settlement agreements are drafted but unsigned; end date is January 31, 2027.

  5. New chair and chief executive appointed

    Appointment

    Jay Hughes becomes non-executive chair and Alex Logan chief executive, ahead of the sale's completion.

  6. Explanatory booklet issued to shareholders

    Filing

    Euroz Hartleys sends shareholders the scheme documents and notice for an October 16 general meeting.

  7. BMO agrees to buy the capital markets arm

    Deal

    Definitive agreement sets A$145 million cash consideration and an expected close in the fourth quarter of 2026.

Scenarios

1

BMO's Perth desk is running under its own name by mid-2027

Likely Resolves by Q2 2027

Discussed by: BMO's completion release, which describes an integrated Australia, North America and Europe platform

The 40 transferred staff work as BMO Capital Markets employees, with Australian research and equity capital markets coverage sold to clients alongside the Toronto and London mining teams. The alliance with Euroz Hartleys supplies private wealth clients as a distribution channel. Trigger: standard post-close integration and rebranding of the Perth office.

2

Euroz Hartleys pays out the sale proceeds to shareholders

Likely Resolves by Q2 2027

Discussed by: Euroz Hartleys, which said it intends to distribute post-tax net proceeds via a fully franked dividend and capital return

Euroz Hartleys said on November 2 that it will return about 61.4 cents a share through a fully franked special dividend and an equal return of capital. The final amount and payment timetable depend on month-end completion adjustments and will be confirmed in a later ASX announcement.

3

Euroz Hartleys names a permanent chief executive

Likely Resolves by Q2 2027

Discussed by: Euroz Hartleys, which said it began an internal and external search after Bunney's expected departure

The company appointed Alex Logan as chief executive in October 2026, alongside Jay Hughes as non-executive chair, as it moved to a private wealth focus.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

2004

BMO opens a Melbourne office (2004)

BMO established an Australian presence with a single Melbourne office serving corporate and institutional clients. It spent two decades there without an Australian equities or research business.

Then

A small outpost inside a much larger global investment bank.

Now

The office became the base for cross-border mining and resources work, which the Perth acquisition now extends into local equity distribution.

Why this matters now

It sets the scale of the change: from one corporate banking office to a capital markets platform with local research, sales and equity raising.

December 2010 - July 2011

BMO buys Marshall & Ilsley (2011)

BMO agreed to acquire Milwaukee-based Marshall & Ilsley in an all-stock deal, roughly doubling its US branch footprint in the Midwest. The transaction closed the following July after shareholder and regulatory approvals.

Then

BMO absorbed a large regional US bank and rebranded the combined branch network under the BMO Harris name.

Now

The US became a second home market, contributing a substantial share of the bank's earnings.

March - September 2022

RBC buys Brewin Dolphin (2022)

Royal Bank of Canada agreed to acquire UK wealth manager Brewin Dolphin, extending its wealth business into the British market. The deal completed later that year after shareholder and regulatory approval.

Then

RBC merged the business into its wealth management division and rebranded it.

Now

The purchase gave RBC a larger UK advisory footprint and a base for further wealth expansion.

Sources

(9)
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BMO Newsroom Mugglehead Euroz Hartleys Group (ASX announcement) Euroz Hartleys Group (ASX announcement) Financial Standard Euroz Hartleys Group (ASX announcement) PR Newswire BMO Newsroom Financial Standard