Canada-based Manulife Financial’s unit John Hancock Financial has reached an agreement to purchase Symetra Investment Services (SIS) in Washington, for an undisclosed sum.
Following completion of the transaction in three to six months, which is subject to concerned regulatory approvals, the acquired enterprise will become affiliate of John Hancock Financial Network (JHFN) as a sister broker-dealer to Signator Investors.
The acquired company operates as a dual registered broker-dealer/investment advisor company with nearly 280 registered representatives, while JHFN currently has 1,600 registered representatives through its current dual registered broker-dealer/investment advisor, Signator Investors.
Commenting on the acquisition, Symetra Financial president and CEO Tom Marra said that given Symetra’s current product lineup, SIS is no longer a good strategic fit for the company as a distribution channel.
"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," Marra added.
Offering resources and support for business and professional development of its clients, JHFN caters an open product platform such as investment advisory and protection products from leading carriers, to allow advisors to fulfill their clients’ requirements.