The acquisition will subsequently add 39 financial advisors and nearly $900m in assets under administration to its Canadian dealer, Manulife Securities.
Manulife Securities svp, president and CEO Rick Annaert said the transaction allows the firm to build on its position as one of Canada’s premier investment firms and reflects its commitment to offer independent financial advice in Canada.
"There is a natural cultural fit between our two firms. We’re looking forward to serving the needs of Wellington West Financial Services’ clients and financial advisors," Annaert added.
According to the acquirer, Wellington West Financial Services caters personal and corporate financial planning services through its network of independent financial advisors in British Columbia, Alberta, Manitoba and Ontario.
Commenting on the deal, National Bank Financial Wealth Management president Martin Lavigne said, "This is a great opportunity for the financial advisors who will be joining one of the leading MFDA dealers in Canada."
Upon the successful completion of the deal, it will build a team of over 1,250 independent advisors with $20bn in assets under administration, Manulife said.
The deal is expected to complete during the fourth quarter 2012, after getting approval from concerned regulators.
Manulife Securities’ advisors offers 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.
