C$ unless otherwise stated
TORONTO, Aug. 29, 2012 /CNW/ - Manulife Financial today announced that
it will acquire independent financial planning firm Wellington West
Financial Services Inc., a dealership registered with the Mutual Funds
Dealers Association (MFDA), from National Bank Financial Group
("National Bank"), adding 39 financial advisors and approximately $900
million in assets under administration to its Canadian dealer, Manulife
"This transaction allows us to build on our position as one of Canada's
premier investment firms and reflects our commitment to independent
financial advice in Canada," said Rick Annaert, SVP and President and
CEO, Manulife Securities. "There is a natural cultural fit between our
two firms. We're looking forward to serving the needs of Wellington
West Financial Services' clients and financial advisors."
Wellington West Financial Services provides personal and corporate
financial planning services through its network of independent
financial advisors in British Columbia, Alberta, Manitoba and Ontario.
Wellington West shares the same entrepreneurial spirit and commitment
to excellence as Manulife advisors.
"This is a great opportunity for the financial advisors who will be
joining one of the leading MFDA dealers in Canada," said Martin
Lavigne, President, National Bank Financial Wealth Management. "In
securing such a new work environment, we are contributing directly to
their career development and providing support and a seamless
transition for their clients."
The acquisition will create a team of over 1,250 independent advisors
with $20 billion in assets under administration. Manulife Securities'
advisors provide independent financial planning and investment
management services to individuals, families and business owners
encompassing a complete range of investment, banking and insurance
options tailored to fit their financial goals. Closing is expected to
take place in the fourth quarter 2012 and is subject to regulatory
approval. Financial terms of the deal were not disclosed.
About Manulife Securities
Manulife Securities is a national securities dealer. Our experienced
advisors help clients prepare for their future through access to a
comprehensive suite of investment products and services designed to
address a wide range of financial planning needs. Registered with both
the Mutual Fund Dealers Association (MFDA) and the Investment Industry
Regulatory Organization of Canada (IIROC), the firm is a wholly-owned
subsidiary of Manulife Financial.
About Manulife Financial
Manulife Financial is a leading Canada-based financial services group
with principal operations in Asia, Canada and the United States. In
2012, we celebrate 125 years of providing clients strong, reliable,
trustworthy and forward-thinking solutions for their most significant
financial decisions. Our international network of employees, agents and
distribution partners offers financial protection and wealth management
products and services to millions of clients. We also provide asset
management services to institutional customers. Funds under management
by Manulife Financial and its subsidiaries were C$514 billion (US$504
billion) as at June 30, 2012. The Company operates as Manulife
Financial in Canada and Asia and primarily as John Hancock in the
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE,
and under '945' on the SEHK. Manulife Financial can be found on the
Internet at manulife.com.
About National Bank of Canada
With $176 billion in assets as at April 30, 2012, National Bank of
Canada (www.nbc.ca), together with its subsidiaries, forms one of Canada's leading
integrated financial groups, and was named among the five strongest
banks in the world by Bloomberg Markets. The Bank has close to 20,000
employees and is widely recognized as a top employer. Its securities
are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's
activities via social media and learn more about its extensive
community involvement at clearfacts.ca and commitment.nationalbank.ca.
SOURCE: Manulife Financial Corporation
For further information:
514 394 6500