Full service investment dealer Canaccord Capital Corp. and Manulife Financial say they have completed the transaction that will see Manulife taking ownership of 20% of the issued and outstanding shares of Canaccord.

Under the terms of the agreement, Manulife has acquired treasury shares representing approximately 13% of the issued and outstanding shares of Canaccord, as well as a convertible subordinated debenture which, when converted, will represent the remainder of its ownership stake. The investment was made through Manulife Capital, Manulife’s merchant banking arm, and has received all relevant regulatory approvals.

“We are delighted to have Manulife as an investor in our firm,” said Peter Brown, Canaccord chairman and CEO in a news release. “We will continue to maintain our operational independence.”

Michael Greenwood, Canaccord president and COOadded, “Proceeds will be used to fund additional acquisitions, expand our clearing brokerage business, and materially expand our products and service offerings for our wealth management clients.”