The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:You've Just Sold Your 401k Recordkeeping Biz. What Are You Going to Do Next? Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, July 06, 2015

You've Just Sold Your 401k Recordkeeping Biz. What Are You Going to Do Next?

Reported by Neil Anderson, Managing Editor

As he sells off one business, Barry McInerney is still open to buying others, but that's not his focus.

On June 26 BMO Global Asset Management [profile] unveiled a deal to sell its U.S. retirement plan recordkeeping business, BMO Retirement Services, to Midwestern insurer OneAmerica. The deal, the terms of which were not disclosed, is expected to close this quarter. McInerney, co-CEO of global asset management for BMO, talks with MFWire about what's next for the Canadian multinational bank's asset management arm in the U.S.

"It's really business as usual ... This one transaction doesn't change things," McInerney tells MFWire. "It does allow us to provide additional focus ... It does allow us to focus our energies entirely on asset management. That's a key strategic priority for BMO in the U.S. and BMO globally."

Indeed, BMO GAM's AUM has risen 500 percent in the past five years to about $250 billion, through both organic growth and acquisitions.

"Clients are happy, client retention is high, and our performance is very strong ... We want to bring a global perspective to regional clients," McInerney says. "We've been expanding our distribution. We essentially doubled in the last 18 months in the U.S., in Canada" and will follow suit in Europe over the next year and a half.

Looking ahead, McInerney says he's focused on "executing on a very purposeful growth strategy globally." He left open the possibility of making more acquisitions, though he noted that BMO GAM has already done several deals in recent years.

"That really gives us a lot of runway" to focus on organic growth, both in the U.S. and around the world, McInerney says. "We're always looking for new opportunities going forward."

One area for organic growth in the U.S., McInerney says, is defined contribution investment-only, particularly now that BMO is leaving the U.S. retirement plan recordkeeping business and thus not competing with other recordkeepers that its DC I-O folks would partner with.

"DC I-O is clearly an important channel for all of us," McInerney says. "We'll continue to monitor it." 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

  1. Director Discussion Series - Open Forum via Zoom, September 29
  2. IMEA roundtable - Portfolio Construction, September 29
  3. MMI webinar - The Future of Marketing is Changing ... Are You Ready?, September 29
  4. IDC Speaker Series - A Conversation with Roger Ferguson, October 3
  5. IDC webinar - A Conversation with Roger Ferguson, Jr., October 3
  6. 5th annual Expect Miracles Atlantic Coast Classic, October 3
  7. Nicsa Fearless Leadership Symposium, Oct 6-7
  8. 7th Annual FUSE Forum, October 6
  9. 2022 ICI Securities Law Developments Conference - day 1, October 11
  10. MFDF Director Discussion Series - Open Forum (San Francisco), October 12
  11. 2022 ICI Securities Law Developments Conference - day 2, October 13
  12. MFDF In Focus: ESG Data Requirements - What Directors Need to Know, October 19
  13. 2022 MMI Annual Conference, Oct 19-21
  14. 2022 IDC Fund Directors Conference, Oct 24-26
  15. 18th annual Expect Miracles Wine & Spirits Event, October 27
  16. Buford Capital Securities Litigation Symposium, November 1
  17. IMEA All-Council Fall Summit, Nov 2-3
  18. Nicsa 2022 General Membership Meeting, Nov 2-3
  19. Tiburon CEO Summit XLIII, Nov 7-9
  20. 2022 ICI Tech Summit, Nov 8-9
  21. UCITS & AIFMD for U.S. Managers - New York, Nov 8-9
  22. 2022 MMI Distribution Leadership Forum, Nov 9-10
  23. MFDF Asset Management Industry Update and Director Governance Trends, November 10
  24. 3rd Annual ETFGI Global ETFs Insights Summit - United States, Nov 15-16
  25. 2022 MMI Alternative Investments Forum, November 16
  26. MFDF webinar - Mutual Fund CCO Compensation: The MPI Annual Survey Update, November 16

©All rights reserved to InvestmentWires, Inc. 1997-2022
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use