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.

Burgundy chief executive officer Robert Sankey said in the client letter he made the decision to change the CIO position independently and not at the direction of the company’s new owner, BMO.

“At Burgundy, our actions are always guided by your long-term best interests, and we recognize the importance you place on stability,” Mr. Sankey said in the client letter.

“At the same time, there are moments when thoughtful leadership changes are necessary to preserve that stability for the future – ensuring we can continue to serve you well in the years ahead.”

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Mr. Iu, who joined Burgundy in 2013 and is currently the portfolio manager for the Canadian small-cap strategy, will also assume portfolio management responsibilities for the Partners’ Global strategy, which is Burgundy’s equity portfolio for private clients.

Prior to his current role, Mr. Iu served for more than seven years as director of research and was a mentee of former CIO and co-founder, Mr. Rooney.

“Beyond being deeply aligned with our investment philosophy and firm values, Andrew brings an incredible work ethic, a long runway, and a forward-thinking perspective,” Mr. Sankey said in the letter.

As part of the transition, James Arnold, current portfolio manager for credit and fixed income strategies who joined the company in 2017, will assume portfolio management responsibilities for all balanced mandates.