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Retirement Planning > Retirement Investing

OneAmerica set to acquire BMO Retirement Services

By Melanie Waddell

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Fulfilling its promise to protect retirement savers, the

OneAmerica and BMO Financial Group have announced that they have reached an agreement for OneAmerica to acquire BMO Retirement Services, BMO’s Milwaukee-based U.S. retirement services business.

BMO Retirement Services is a division of BMO Global Asset Management. Terms of the agreement were not disclosed.

The transaction is expected to close during the third quarter of calendar year 2015. Upon closing, the business will change its name to 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.

This is, of course, not OneAmerica’s first acquisitional venture into the retirement arena as it seeks to grow its business. Back in June of 2014, the firm acquired the retirement services division of City National Bank, which became OneAmerica Retirement Services LLC. The San Diego-based retirement services business brought with it 240 plans and $6.5 billion in assets under administration.

BMO’s U.S. retirement services business has more than 200 professionals with approximately 830 plans. OneAmerica President and CEO Scott Davison said of the deal 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.” Davison became CEO of OneAmerica last year.

The retirement services businesses of OneAmerica encompass more than 11,000 plans and have more than $30 billion in retirement assets under administration.will also be examined to ensure they’re not deceptive or misleading.

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