Manulife Financial completes acquisition of Wellington West Financial Services
TORONTO-- Manulife Financial has completed its 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 is a national securities dealer. Its 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."