Manulife Financial Corporation’s US Division, John Hancock Financial), has successfully completed its previously announced acquisition of New York Life's Retirement Plan Services business.
The business will be combined with John Hancock Retirement Plan Services (JHRPS), significantly increasing its retirement plan assets under administration.
"Manulife is a major player in the pensions business in Canada, the United States, Hong Kong and Indonesia. The completion of this transaction, in addition to our successful acquisition of Standard Life's Canadian operations, significantly increases our retirement plan services business overall," says Donald Guloien, President and Chief Executive Officer of Manulife. "These transactions accelerate our strategy to grow our wealth and asset management business around the world."
With the closure of the transaction, JHRPS's retirement plan assets under administration have increased by approximately 60 per cent to USD135 billion and the business now serves 55,000 retirement plans and 2.5 million plan participants.
"Retirement Plan Services is a significant portion of John Hancock's wealth business, and having greater scale, added capabilities and talent, positions us as a major plan provider in the US retirement plan business," says Craig Bromley, President, John Hancock.
Peter Gordon, CEO of JHRPS, will oversee all of John Hancock's retirement plan services business.
"We are pleased to welcome the entire group of 450 employees who will help ensure the management transition is seamless for customers, advisors and businesses," says Gordon. "Our entire organisation is focused on knowing and serving our customers for the ultimate benefit of our retirement plan participants," continued Mr. Gordon. "With this transaction, we are able to continue offering a top quality, high touch experience to our clients with no changes in systems, business locations, or service teams."