Purchase will significantly expand Manulife wealth management business in
TORONTO, June 26 /CNW/ - Manulife Financial Corporation and Berkshire-TWC
Financial Group Inc. today announced that, subject to regulatory approvals,
Manulife will acquire Berkshire's mutual fund and securities dealerships in
Canada, consisting of more than 700 Advisors and 237 branches across Canada.
The deal is expected to close by August 31, 2007.
"This agreement is a natural fit for Manulife," said Paul Rooney,
President and Chief Executive Officer, Manulife Canada. "When coupled with
Manulife Securities, this will double our number of wealth management advisors
across Canada and triple assets under administration in that business. This
increased distribution capacity will add a significant amount of high-quality
business to our Canadian operations."
"Both Manulife and Berkshire have similar strong cultures designed to
serve the needs of investors through independent advisors. We now have an
excellent opportunity to significantly broaden Manulife's position in Canada's
wealth management market, while providing Berkshire's clients and advisors
with access to Manulife's platform of insurance, wealth and banking products
Bob Levis, Chief Executive Officer of Berkshire-TWC, added: "This sale
reflects the continuation of our overall strategy to keep building momentum
for our independent advisors and their clients. We are committed to ensuring
our clients continue to receive high-quality service and are very pleased that
Manulife Financial is the purchaser of our business, since they share our
passion for service and providing advisors and clients with a broad array of
products and services."
When combined with Manulife Securities International Limited, the
transaction will create a sales force of 1,500 independent advisors and a
business with about $19 billion in assets under administration.
Broadens Manulife's wealth management reach, systems
"This is a significant boost to Manulife's wealth management business in
Canada, particularly since it adds top-quality independent advisors to our
team, top-quality systems, plus products available through members of the
Investment Dealers Association and Mutual Fund Dealers Association," added Mr.
"Manulife Financial will continue to grow rapidly through the
introduction of new and innovative products, the aggressive use of technology
and expansion of our existing businesses. A key objective for Manulife is to
help Canadians make better financial decisions and we welcome the opportunity
to be of service to the advisors and clients of Berkshire."
About Berkshire-TWC Financial Group
Berkshire-TWC Financial Group Inc., consisting of Berkshire Securities
Inc., Berkshire Investment Group Inc. and Berkshire Insurance Services Inc.,
is Canada's largest independent privately-owned financial planning and wealth
management organization. For more than 20 years Berkshire has provided clients
with an outstanding level of personalized investment planning, service and
support. With approximately 700 highly trained professional advisors
administering approximately $13 billion of Canadians' investment savings,
Berkshire's mission is to provide its clients with the solutions for the
creation, preservation and distribution of wealth.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group
serving millions of customers in 19 countries and territories worldwide.
Operating as Manulife Financial in Canada and Asia, and primarily through John
Hancock in the United States, the Company offers clients a diverse range of
financial protection products and wealth management services through its
extensive network of employees, agents and distribution partners. Funds under
management by Manulife Financial and its subsidiaries were Cdn$426 billion
(US$370 billion) as at March 31, 2007.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE,
and under '0945' on the SEHK. Manulife Financial can be found on the Internet
Manulife to acquire Berkshire-TWC Financial Group
Once complete, the acquisition of Berkshire-TWC Financial Group by
Manulife Financial will create significant scale and presence across Canada
for the combined Manulife Securities International Limited and Berkshire
The businesses based in Burlington and Waterloo, Ontario will have a
combined sales force of 1,500 independent advisors across Canada and about $19
billion in assets under administration.
Berkshire and Manulife have a strong strategic fit with well-established
independent advisor distribution channels and complementary investment
- Berkshire-TWC Financial Group Inc. is Canada's largest independent
privately-owned financial planning and wealth management
- More than 700 independent Berkshire advisors and almost 240 branches
across Canada will join Manulife Securities' existing independent
advisor network of 800 advisors.
- Assets under administration: Berkshire-TWC ($13 billion); Manulife
Securities International ($6.3 billion).
- Combination of Berkshire's high-quality, financial-planning focused
investment dealers (IDA and MFDA platforms) with an established
independent sales force at Manulife Securities International Limited.
For further information:
For further information: Media contacts: Tom Nunn, Manulife Financial,
(519) 594-8578, firstname.lastname@example.org or Roberta Faria, Berkshire-TWC
Financial Group, 1-800-991-2121 x 3423, email@example.com