BOSTON – Manulife Financial (TSX:MFC) subsidiary John Hancock is expanding its broker dealer business in the United States with the acquisition of part of Transamerica Financial Advisors Inc.
Terms of the deal, which is expected to close within six months, were not disclosed.
However, the company said Tuesday that up 1,100 advisers from Transamerica working at roughly 50 firms across the United States will become affiliated with Signator Investors, the broker dealer arm of John Hancock Financial Network, along with about 90 employees who support TFA.
“This transaction will contribute to the company’s continued success by enhancing Signator’s presence among the country’s top broker dealers,” John Hancock president Craig Bromley said in a statement.
Manulife is a Toronto-based insurance and financial services company with some C$883 billion in assets under management. It operates as Manulife in Canada and Asia, and under the John Hancock banner in the U.S.
Signator Investors has a national network of independent firms and approximately 1,500 financial professionals across the U.S.