Bank of Montreal has brokered a definitive agreement to purchase the recordkeeping business of Integra GRS, a wholly owned subsidiary of Integra Capital Management Corp., the bank said Thursday.

BMO says the business, which provides recordkeeping and administrative services for capital accumulation plans, now will be backed by the bank’s strength, commitment and full suite of retail investment products.

The deal is expected to close in the fall.

“This acquisition is an extension of our existing wealth management offering,” says Ed Legzdins, senior vice president, retail investments, private client group and managing director, international, BMO Capital Markets. “Complementing Integra’s full selection of funds with BMO’s retail investment products gives us the opportunity to develop a group retirement services platform and offer a suite of products through the institutional pension market. We look forward to welcoming the Integra GRS team, their clients and plan members to the BMO family.”

Joan Johannson, President and Managing Director of Integra GRS, said, “Our management team and employees are very excited about joining one of Canada’s premier financial services companies. We look forward to expanding our services for our clients and their plan members who will be reassured to know that it is business as usual with the same team in place, dedicated to service excellence,” adds Joan Johannson, president and managing director of Integra GRS.

IE