TORONTO, Nov. 24 /CNW/ - BMO Financial Group today announced that it has completed the acquisition of the group retirement recordkeeping business of ICMC Group Retirement Services Inc (Integra GRS), a subsidiary of Integra Capital Management Corporation. This acquisition was announced in June, 2009.
"This acquisition represents an excellent opportunity for growth," said Ed Legzdins, Senior Vice-President, Retail Investments, Private Client Group and Managing Director, International, BMO Capital Markets. "With the capital accumulation plan market growing quickly, it's a great time to develop our group retirement services platform. The acquisition of Integra's group retirement recordkeeping business provides us with an entry into this business and allows BMO to make available a full suite of BMO-branded investment products -- such as mutual funds -- as further investment options for the capital accumulation plan sponsors and members."
"BMO is well positioned to offer a variety of additional solutions to plan sponsors and plan members alike and in the future we look forward to bringing innovative ideas and solutions to our capital accumulation plan clients," he said.
Joan Johannson, President of the acquired business, will continue as President of BMO Group Retirement Services (BMO GRS). "Our entire team is looking forward to their new future at BMO GRS and to delivering the same high level of client support and service that our clients have been accustomed to receiving," she said.
Graham Rennie, President of Integra Capital Management Corporation (ICMC), said, "This transaction will provide a terrific opportunity for our GRS clients to keep the leading edge retirement systems they already have and now have access to the products and services of one of the most successful financial institutions in the world. Importantly, this will also enable ICMC to focus on its core business of providing innovative investment management solutions to institutional clients in Canada."
BMO Financial Group is a highly diversified North American financial services organization that provides a broad range of retail banking, wealth management, and investment banking products and solutions to more than seven million clients and customers across Canada.
Through its Private Client Group, BMO provides integrated wealth management services in Canada and the United States. As at July 31, 2009, BMO's Private Client Group had total assets under management and administration of $230 billion.
SOURCE BMO BANK OF MONTREAL
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