The change is part of a “renewed emphasis on bringing research and investment capabilities to our clients for retirement services,” Phillip Enochs, managing director and head of relationship management for BMO Global Asset Management, said in an interview.
The previously named BMO Institutional Trust Services ranked 29th among defined contribution record keepers in the latest Pensions & Investments survey. The firm had $20.1 billion in record-keeping assets in 2011.
“Our focus will be to grow organically,” Mr. Enochs said. “The door is always open for acquisitions.”
BMO Global Asset Management is based in Chicago; BMO Retirement Services is based in Milwaukee.
The retirement services business was part of the institutional trust unit of Marshall & Ilsley, which was acquired by BMO Financial Group, parent of BMO Global Asset Management, in July.