BMO Financial Group has completed the acquisition of Milwaukee-based Marshall & Ilsley Corp. (M&I) and is creating a new business called BMO Institutional Trust Services (BMO ITS), which includes the Canadian BMO Group Retirement Services (BMO GRS) and the prior M&I Institutional Trust Service business.
The new business now has more than $72 billion in total assets under administration and custodial services.
BMO ITS is now one of the few group retirement service providers owned by a major international financial institution to offer services in both Canada and the United States.
“We see this development as a game changer for the existing group retirement services business in Canada,” said Joan Johannson, president of BMO GRS.
The acquisition gives BMO GRS the ability to leverage the services, resources and expertise of its colleagues in the U.S.
“We are collaborating with our new Canadian partners and hope to learn from each other while taking advantage of our respective strengths on a North American basis,” said James Cahn, president of BMO ITS.
The company now provides recordkeeping services to more than 1,520 retirement plans, representing more than 550,000 plan participants.
BMO ITS will operate as part of BMO’s Private Client Group, which will oversee the combined operations of BMO ITS in the U.S. and Canada.