Manulife Financial, a Canada-based financial services group and AIC, a Canada-based privately-held mutual fund company, have entered into an agreement according to which Manulife will acquire AIC’s Canadian retail investment fund business.
Under the agreement, Manulife Mutual Funds would manage all AIC funds in Canada and AIC would continue to act as a fund sub-advisor for Manulife Mutual Funds.
Manulife expects that upon the completion of acquisition, the overall retail fund assets under management for Canadians would grow to approximately $13.7 billion. However, the transaction is subject to regulatory and stock exchange approvals and certain fund unit holder approvals.
