Manulife has completed its previously announced acquisition of the Canadian-based operations of Standard Life plc.
“Standard Life allows us to significantly increase our presence in Quebec and dramatically increases our scale in a number of highly strategic lines of business,” says Manulife president and CEO Donald A. Guloien. “Standard Life, in combination with the recently announced acquisition of New York Life’s Retirement Plan Services business in the United States, grows our global retirement plan business by about $80 billion.”
In Canada, the transaction doubles assets under administration (AUA) and moves Manulife to No. 2 in the group retirement business in Canada based on AUA. The deal also adds more than $6 billion in assets under management to its mutual fund business in Canada.
Manulife has added about 1.4 million new customers and 2,000 employees as a result of the acquisition.
Read: Manulife acquisition boosts core businesses
The transaction includes a global collaboration agreement where Manulife will seek to distribute Standard Life Investments’ funds in Canada, the United States and Asia, deepening Standard Life Investments’ distribution reach. Standard Life Investments and Manulife will also explore other potential opportunities for collaboration between their respective investment capabilities and distribution platforms.
The company also plans to build a new home for employees in Montreal, called Maison Manuvie, in partnership with the Caisse de dépôt et placement du Québec.
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