John Hancock Financial Closes Deal For Transamerica Broker-Dealer Unit
May 17, 2016 by Dennis Gorski
BOSTON – John Hancock’s distribution channel has completed its acquisition of assets from Transamerica Financial Advisors, according to a statement. Terms were not disclosed.
In addition, more than 800 TFA advisers in 40 firms joined Signator’s national network of independent firms, according to John Hancock.
The agreement was announced late last year (Best’s News Service, Nov. 3, 2015).
“Signator is now among the country’s largest independent broker-dealers, and has roughly 300 people in five locations dedicated to supporting our national network of advisers,” Brian Heapps, president of John Hancock Financial Network, said in a statement.
The advisers will receive “comprehensive training and integrated technology for the upcoming department of labor fiduciary rule,” the statement noted.
John Hancock is the U.S.-based insurance and financial services arm of Canada-based Manulife Financial, which has operations in Asia as well as North America. Transamerica, based in Baltimore, is a division of Aegon N.V., a multinational financial service company headquartered in The Hague.
Manulife’s primary insurance operation, Manufacturers Life Insurance Co., as well as most Transamerica insurance units, have a current Best’s Financial Strength Rating of A+ (Superior).
In afternoon trading May 16, shares of Manulife (NYSE: MFC) were $14.00, up 1.23% from their previous close. Shares of Aegon N.V. (NYSE: AEG) were $4.91, up 0.82% from their previous close.
(By Dennis Gorski, managing editor-online, BestWeek: Dennis.Gorski@ambest.com)
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