Manulife will become the parent company of Markland, the manager of the Oil Sands Sector Fund and the Markland AGF Precious Metals Corp
Elliott & Page, a wholly-owned subsidiary of Manulife Financial Corporation (Manulife), has signed an agreement to acquire all the outstanding shares of Markland Street Asset Management. The purchase, being made in conjunction with the acquisition of the Canadian retail investment fund business of AIC Limited, an affiliate of Markland, will mean that Manulife will become the parent company of Markland, the manager of the Oil Sands Sector Fund and the Markland AGF Precious Metals Corp.
Roy Firth, executive vice president of Manulife’s Canadian Individual Wealth Management business, said: “The purchase of Markland enables Manulife to continue to expand its presence in the retail structured products arena.”
Sean Robitaille, president and CEO of Markland, said: “We’re excited to enter into this agreement with Manulife. We are very proud of our accomplishments with Markland and look forward to being able to build on this success as part of the Manulife team. Mr. Robitaille and Managing Director Robert Levis will continue in their roles throughout the transition period.”
The transaction is expected to close by September 30, 2009 subject to regulatory and stock exchange approvals.
Markland is a Canadian financial services firm focused on structured financial products.