OneAmerica to acquire BMO Retirement Services
OneAmerica Financial Partners is to acquire BMO Retirement Services, a subsidiary of BMO Global Asset Management in a deal that is due to close in Q3. The terms of the deal were not released but according to a statement, the acquisition will increase OneAmerica's assets under administration by about $26bn.
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OneAmerica Financial Partners Inc., an Indianapolis-based mutual insurance holding company, has agreed to acquire Milwaukee-based BMO Retirement Services, a subsidiary of BMO Global Asset Management.

The move allows OneAmerica to expand its reach in the retirement services industry, which has experienced significant consolidation in recent years, said Scott Davison, OneAmerica CEO. He praised BMO for having a strong reputation for performance and customer services.

Terms of the deal, which will close in the third quarter, were not disclosed, but the acquisition will increase OneAmerica's assets under administration by about $26 billion, according to a statement from the companies. BMO will continue to manage a portion of the investments in the plans.

All of the approximately 200 BMO employees affected by the deal will be offered a position within OneAmerica, BMO spokesman Nini Krishnappa said.

OneAmerica will continue operations at all BMO Retirement Services' locations and most clients will continue to work with their teams, according to the statement. The two companies didn't experience significant overlap in customer base, making BMO an ideal acquisition, Davison said.

The sale is consistent with BMO Global Asset Management's focus on its asset management business, Barry McInerney, co-CEO of the company, said in the statement.

BMO Retirement Services was acquired with the former Marshall & Isley Corp. in 2011, Krishnappa said.