June 26, 2015 – OneAmerica and BMO Financial Group have reached an agreement for OneAmerica to acquire BMO’s Milwaukee-based, U.S. retirement services business, BMO Retirement Services, a division of BMO Global Asset Management.
BMO’s U.S. retirement services business has more than 200 professionals with approximately 830 plans. The retirement services businesses of OneAmerica serve more than 11,000 plans and have more than $30 billion in retirement assets under administration.
Barry McInerney, co-CEO at BMO Global Asset Management, noted that BMO’s decision to sell its U.S. retirement services business is consistent with BMO Global Asset Management’s strategy to focus on its asset management business. “The transaction will not change BMO’s role in managing a portion of the investments in the plans moving over to OneAmerica as well as acting as the directed trustee and custodian for those plans,” said McInerney in a statement.
“With this acquisition, we’ll increase our assets under administration by approximately $26 billion. This brings our total to more than $70 billion—double our total less than two years ago,” said OneAmerica President and CEO Scott Davison, who took the helm as CEO last year.
The transaction is expected to close during the third quarter of calendar year 2015. At that time, the business will adopt the name OneAmerica Retirement Services LLC.
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