Bisys Retirement Services, a Dresher, Pa., unit of New York's Bisys Group, said it had closed its purchase of Frontier Trust Co. from Axa Financial Inc.

Based in Fargo, N.D., Frontier Trust has $12 billion of assets under management. It provides trustee and custodial services for qualified retirement plans. The deal closed on Thursday.

Frontier Trust's employees and management structure are to remain in place. It will operate as a separate division of Bisys Retirement Services, the company said.

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