Bank of Montreal Global Asset Management has moved its defined contribution business away from its Institutional Trust services arm and given it a new brand name, BMO Retirement Services.
The company says the moves will help enhance the retirement business’ recordkeeping services and employee education capabilities by leveraging the scale and expertise of the entire organization.
BMO Institutional Trust Services was created, in part, by BMO’s acquisition of the Milwaukee-based Marshall & Ilsley Corporation in July 2011 for $4.1 billion.
"By bringing our retirement research and investment management expertise to bear on our retirement plan solutions we can put the full power of our resources toward improving the retirement security of the people we serve, our retirement plan participants," said Barry McInerney, co-chief executive of BMO Global Asset Management, in a statement.
The Milwaukee-based BMO Retirement Services will continue to feature an open architecture platform, which will be augmented by BMO Global Asset Management's expanding investment management capabilities.