Manulife Financial and its Canadian dealer, Manulife Securities, hope that its acquisition of Wellington West Financial Services Inc., a dealership registered with the Mutual Funds Dealers Association (MFDA) from National Bank Financial Group, will propel it to being one of Canada’s premier investment firms.
The acquisition, announced late last week will add 39 financial advisors and approximately $900 million in assets under administration to Manulife Securities.
Wellington West Financial Services provides corporate financial planning services through their independent financial advisors in British Columbia, Alberta, Manitoba and Ontario.
The acquisition will form a team of more than 1,250 independent advisors with $20 billion in assets under administration.
The deal is expected to close in the fourth quarter of 2012 and is subject to regulatory approval. Financial terms of the deal were not disclosed.
“This is a great opportunity for the financial advisors who will be joining one of the leading MFDA dealers in Canada. 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,” said Martin Lavigne, President, National Bank Financial Wealth Management.