OneAmerica announced it is buying BMO Financial Group’s Milwaukee-based U.S. retirement services business. Terms of the acquisition were not disclosed.

“Adding BMO’s retirement services business enhances our already strong position as a leader in the retirement services industry and complements our high-touch, relationship-based service model,” said OneAmerica president and CEO Scott Davison. “With this acquisition, we’ll increase our assets under administration by approximately $26 billion. This brings our total to more than $70 billion — double our total less than two years ago.”

The deal is expected to close during the third quarter of 2015 and the business will be branded as OneAmerica Retirement Services LLC.

Not much will change under the agreement, according to OneAmerica. Business operations will continue from BMO Retirement Services’ current locations.

“We’re committed to growing our retirement business and this acquisition helps us meet that goal,” said Bill Yoerger, president of the retirement services division for OneAmerica.

BMO’s U.S. retirement services business has more than 200 professionals and about 830 plans. OneAmerica’s retirement services businesses serve more than 11,000 plans and have more than $30 billion in retirement assets under administration.

Barry McInerney, co-CEO of BMO Global Asset Management, said that his company decided to sell its retirement services business to focus more on its asset management business.

OneAmerica Financial Partners, Inc. is headquartered in Indianapolis, Ind.

Paula Aven Gladych is a freelance writer based in Denver.

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