Canadian insurer Manulife Financial Corp., through its U.S. business division John Hancock Financial, has purchased Symetra Investment Services for an undisclosed amount. The broker-dealer/investment advisory company was sold by Symetra Financial Corp., a portfolio company of Canadian private equity firm CAI Private Equity. The transaction is expected to close within six months.
John Hancock to Acquire Independent Broker-Dealer from Symetra Financial Corporation
Symetra Investment Services to Become Affiliated with John Hancock Financial Network as a Sister Broker-Dealer to Signator Investors, Inc.
BOSTON, June 11, 2013 /CNW/ – John Hancock, a unit of Manulife Financial Corporation (MFC), today announced it has agreed to acquire Bellevue, Wash.-based Symetra Investment Services (SIS) from Symetra Financial Corporation (SYA). It is anticipated that the transaction will close in three to six months, subject to regulatory approvals. Terms were not disclosed.
Symetra Investment Services, Inc., a dual registered broker-dealer/investment advisor firm with approximately 280 registered representatives, would become affiliated with John Hancock Financial Network (JHFN). JHFN currently has 1,600 registered representatives through its current dual registered broker-dealer/investment advisor, Signator Investors, Inc.
“Powerful distribution has long been a competitive differentiator for John Hancock,” said Craig Bromley, president of John Hancock. “JHFN is an important part of that equation, and I am confident that this acquisition will help drive continued success.”
“Given Symetra’s current product lineup, SIS is no longer a good strategic fit for us as a distribution channel,” said Tom Marra, president and CEO of Symetra Financial Corporation. “John Hancock Financial Network will offer many advantages to SIS advisors, allowing them to thrive with greater scale and resources for clients as well as business development support.”
Brian Heapps, president of JHFN, said, “We couldn’t be more pleased to welcome the advisors from Symetra Investment Services into our independent network of firms. Strategically, they offer us a breadth of wealth experience and a geographic presence that complements our existing footprint as we continue to grow.”
JHFN offers financial professionals a wealth of resources and support for business and professional development. To help advisors best meet their clients’ needs, JHFN provides an open product platform including a comprehensive range of top-quality investment advisory and protection products from leading carriers.
Advisors affiliated with JHFN have access to support for financial planning; an integrated technology platform; defined contribution resources; a dedicated practice management team; a marketing portal providing turn-key programs with compliance-ready, customizable templates; an annual practice advancement conference; a top producer program and an industry-leading equity and succession program. JHFN advisors are able to brand with a unique name or as a member of John Hancock Financial Network but remain backed by the financial strength and stability of John Hancock, a highly rated financial services company.
About John Hancock Financial and Manulife Financial
John Hancock Financial is a division of Manulife Financial, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Operating as Manulife Financial in Canada and Asia, and primarily as John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were C$555 billion (US$547 billion) as at March 31, 2013. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance, mutual funds, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at johnhancock.com
About John Hancock Financial Network and Signator Investors, Inc.
John Hancock Financial Network is a national network of independent firms with approximately 1,600 financial professionals across the U.S, working through its dual registered broker dealer/investment advisor, Signator Investors, Inc. A leader in the financial services industry having the stability and scale to offer an innovative business model, John Hancock Financial Network gives entrepreneurial financial professionals the power to effectively build unique businesses, based on their own vision and market opportunity. For more information on John Hancock Financial Network and its national network of independent firms, visit https://www.johnhancockfinancialnetwork.com.
Symetra Financial Corporation (NYSE: SYA) is a diversified financial services company based in Bellevue, Wash. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent agents and advisors. For more information, visit www.symetra.com.
Securities and investment advisory services offered through Signator Investors, Inc., member FINRA/SIPC, a registered investment advisor. 197 Clarendon St., Boston, MA 02116. 5145-20130226-134194
SOURCE: John Hancock Financial
For further information:
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