- Purchase expands Manulife Securities business
TORONTO, Oct. 26, 2012 /CNW/ - Manulife Financial today announced that it has completed its previously announced acquisition of independent financial planning firm Wellington West Financial Services Inc., a division of Wellington West Holdings Inc., and a dealership registered with the Mutual Funds Dealers Association (MFDA), from National Bank.
The completed acquisition adds 39 financial advisors and approximately $900 million in assets under administration to Manulife Financial's Canadian dealer, Manulife Securities, to create a team of over 1,250 independent advisors with $21 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. Financial terms of the deal were not disclosed.
"This transaction was an attractive strategic and financial opportunity in a business that we know well," said Rick Annaert, SVP and President and CEO, Manulife Securities. "We are very excited to add our new advisors to the team, and look forward to continuing to provide service to our clients and financial advisors."
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 United States.
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.
SOURCE: Manulife Financial Corporation
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