Purchase significantly expands Manulife’s wealth management business in Canada
TORONTO, Aug. 31 2007 – 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 Financial.
“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 at www.manulife.com.Tags: Capgemini, Efma, InsurTech, World Insurance Report