Purchase significantly expands Manulife's wealth management business in
TSX/NYSE/PSE: MFC; SEHK: 0945
TORONTO, Aug. 31 /CNW/ - Manulife Financial Corporation announced today
that it has received required regulatory approvals and has closed its purchase
of Berkshire-TWC Financial Group Inc. The transaction has added more than 700
Advisors and 237 branches from Berkshire's mutual fund and securities business
to Manulife's existing operations across the country.
"This transaction is a natural fit for Manulife and gives us tremendous
momentum to serve Canadians with a broader range of wealth management
products," said Paul Rooney, President and Chief Executive Officer, Manulife
Canada. "When coupled with our own Manulife Securities International Limited,
this doubles our number of wealth management advisors across Canada and
triples assets under administration in that business. This increased
distribution capacity will add significantly to our Canadian operations."
Berkshire-TWC Financial Group Inc. will become a wholly-owned subsidiary
and, when combined with Manulife Securities, the transaction will create a
sales force of 1,500 independent advisors and a business with about
$19 billion in assets under administration.
Similar strong cultures
"Both Manulife and Berkshire have similar strong cultures designed to
serve the needs of investors through independent advisors," added Mr. Rooney.
"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 quality platform of insurance,
wealth and banking products and services."
Broadens Manulife's wealth management reach, systems
"This transaction 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 J. Roy Firth,
Executive Vice President, Canadian Individual Wealth Management, Manulife
"This builds on Manulife Financial's strong track record of rapid growth
through the introduction of new and innovative products, 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 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$410 billion
(US$386 billion) as at June 30, 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
For further information:
For further information: Media contact: Tom Nunn, Manulife Financial,
(519) 594-8578, email@example.com