Manulife Securities, the wholly-owned subsidiary of
Manulife Financial Inc.
), has announced its intention to acquire Canada-based Wellington
West Financial Services Inc. from its parent company, National Bank
Wellington West Financial Services is an investment management
company which was acquired by National Bank in July 2011. Through
its 39 financial advisors, the company provides innovative
investment ideas with a wide offering of managed investment
solutions. Wellington West also assists its customers with
tax-planning, retirement-planning, estate-planning and
Since both companies -- Manulife and Wellington West -- are
based in Canada, there will be no cultural differences, allowing
seamless integration of both the companies with one another. Though
the cost of acquisition has not yet been disclosed, the timing of
the closure of the transaction has been fixed somewhere in the
fourth quarter of 2012.
Upon adding Wellington West to Manulife Securities, a strong
force of 1,250 independent advisors will be created with C$20
billion of assets under management. Together, they will offer
independent financial planning and investment management services
to individuals, families and business owners, covering a wide range
of investment, banking and insurance options customized to fulfill
their financial goals.
This acquisition reinforces Manulife's long-term strategic
objective to strengthen its presence in the Canadian financial
Manulife currently retains a Zacks #2 Rank, which translates
into a short-term Buy rating. Considering the fundamentals, we are
maintaining our long-term Neutral recommendation on the shares.
Headquartered in Toronto, Canada, Manulife Financial operates as
a life insurance company and offers reinsurance services. The
company functions as Manulife Financial in Canada and Asia, and
primarily as John Hancock in the United States.
) is one of its biggest competitors.
METLIFE INC (MET): Free Stock Analysis Report
MANULIFE FINL (MFC): Free Stock Analysis Report
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