BMO completes sale of U.S. retirement services business

BMO has completed the previously announced sale of its Milwaukee-based U.S. retirement services business to OneAmerica.

Terms of the agreement were not disclosed.

Read: BMO to sell U.S. retirement services business

The acquisition increases OneAmerica’s assets under administration by about US$26 billion, bringing the company’s total to more than US$70 billion.

BMO’s U.S. retirement services business has more than 200 professionals serving approximately 830 plans.

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.

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