US based John Hancock Financial Network, a unit of Manulife Financial Corporation (MFC), has agreed to buy Washington-based Symetra Investment Services (SIS) from Symetra Financial Corporation (SYA).
The deal is expected to close in three to six months, subject to regulatory approvals.
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Following the acquisition SIS with 280 registered representatives will become an affiliate of the John Hancock Financial Network (JHFN) which has 1,600 registered representatives through its dual registered broker-dealer/investment advisor, Signator Investors, Inc.
President of JHFN, Craig Bromley, said: "Powerful distribution has long been a competitive differentiator for John Hancock."
President and CEO of SYA, Tom Marra, said: "Given Symetra’s current product lineup, SIS is no longer a good strategic fit for us as a distribution channel. John Hancock will offer many advantages to SIS advisors, allowing them to thrive with greater scale and resources for clients as well as business development support."
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