Burgundy Asset Management Ltd. is making changes to its investment team on the heels of its acquisition by Bank of Montreal BMO-T .

On Monday, the wealth manager announced that Andrew Iu will replace chief investment officer Anne Mette de Place Filippini, effective immediately, according to a client letter seen by The Globe.

Ms. Mette de Place Filippini joined Burgundy in 2008 and was appointed CIO five years ago. During her tenure she helped launch the company’s emerging markets strategy.

A Burgundy spokesperson declined to comment on the changes.

Co-founded by Tony Arrell and Richard Rooney, Toronto-based Burgundy manages about $27-billion for wealthy families and foundations. Earlier this year the company was purchased by BMO for $625-million. The deal closed on Nov. 3.

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