Manulife’s U.S. division, John Hancock Financial, has successfully completed its previously announced acquisition of New York Life’s Retirement Plan Services business.
As a result of the deal, John Hancock Retirement Plan Services’ retirement plan assets under administration have increased by about 60% to US$135 billion and the business now serves 55,000 retirement plans and 2.5 million plan participants.
Read: Manulife expands U.S. retirement plan services business
The company is now also a top 15 provider in the mid-plan market in the United States.
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 Manulife president and CEO Donald Guloien. “These transactions accelerate our strategy to grow our wealth and asset management business around the world.”
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