For the development of the group retirement services platform
BMO Financial Group has acquired the group retirement recordkeeping business of ICMC Group Retirement Services (Integra GRS), a subsidiary of Integra Capital Management Corporation.
Ed Legzdins, senior vice-president of Retail Investments at Private Client Group and managing director of International at BMO Capital Markets, said: “This acquisition represents an excellent opportunity for growth. With the capital accumulation plan market growing quickly, it’s a great time to develop our group retirement services platform.”
The company said that the acquisition of Integra’s group retirement recordkeeping business provides with an entry into the business that allows BMO to make available a suite of BMO-branded investment products, such as mutual funds as further investment options for the capital accumulation plan sponsors and members.
Joan Johannson, president of the acquired business, will continue as president of BMO Group Retirement Services (BMO GRS).
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.”