Manulife Financial will acquire independent financial planning firm Wellington West Financial Services Inc. from the National Bank Financial Group, adding about $900 million in assets to Manulife Securities. No financial terms for the transaction were released on Wednesday.
"This transaction allows us to build on our position as one of Canada's premier investment firms and reflects our commitment to independent financial advice in Canada," said Rick Annaert, chief executive of Manulife Securities.
The deal will add 39 financial advisers to Manulife Securities. Wellington West provides personal and corporate financial planning services through its network of independent financial advisers in British Columbia, Alberta, Manitoba and Ontario.
The acquisition will create a team at Manulife Securities of more than 1,250 independent advisers with $20 billion in assets under administration. The deal is expected to close in the fourth quarter 2012 and is subject to regulatory approval.
National Bank acquired Winnipeg-based Wellington West Holdings Inc. last year for $273 million. Its Wellington West Capital Inc. division - an investment arm active in the energy and mining sectors - was rebranded National Bank Financial last November and was not part of the deal announced Wednesday.
