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OneAmerica to acquire BMO’s US retirement services business


OneAmerica to acquire BMO's Milwaukee-based, US retirement services business, BMO Retirement Services, a division of BMO Global Asset Management. Terms of the agreement have not been disclosed.

"Adding BMO's retirement services business enhances our already strong position as a leader in the retirement services industry and complements our high-touch, relationship-based service model," says OneAmerica President and CEO Scott Davison, who took the helm as CEO last year. "With this acquisition, we'll increase our assets under administration by approximately USD26 billion. This brings our total to more than USD70 billion — double our total less than two years ago."

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. OneAmerica has announced that it will continue business operations from BMO Retirement Services' current locations, and most clients will continue to work with their current service teams. BMO Retirement Services employees covered by the agreement will become OneAmerica employees.

"The addition of this business expands our award-winning service platform, enriches our professional services individually directed account (IDA) capability and gives us additional sales expertise and geographic reach," says Bill Yoerger, president of the retirement services division for OneAmerica. "We're committed to growing our retirement business, and this acquisition helps us meet that goal."

BMO's US 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 USD30 billion in retirement assets under administration.

"BMO is committed to delivering value to our clients, and we're very pleased that we found a buyer such as OneAmerica that combines our focus on relationships and high-touch service values," says Barry McInerney, Co-CEO, BMO Global Asset Management. "BMO believes that OneAmerica will be an excellent cultural and service-model fit for our employees and clients."

McInerney noted that BMO's decision to sell its US retirement services business is consistent with BMO Global Asset Management's strategy to focus on its award-winning 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," says McInerney.

A year ago, OneAmerica announced an agreement to acquire City National Bank's San Diego-based retirement services business, with 240 plans and USD6.5 billion in assets under administration.

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