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BMO Financial Group will sell its U.S. retirement services business to OneAmerica, reports Benefits Canada.

The firms haven’t said how much the division is selling for, but OneAmerica says the acquisition will increase its assets under management by US$26 billion, to US$70 billion. More than 200 professionals and about 830 plans are affected, Benefits Canada reports.

Read: How much do retirees spend?

BMO says the sale is part of the it’s Global Asset Management group’s plan to focus on asset management.

Read more here.

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Originally published on Advisor.ca

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