Toronto-based Manulife Financial Corp. (TSX:MFC) said Tuesday that its U.S. Division (John Hancock Financial), has successfully completed its previously announced acquisition of New York Life’s Retirement Plan Services business. The business will be combined with John Hancock Retirement Plan Services (JHRPS), significantly increasing its retirement plan assets under administration.

See: Manulife to buy New York Life’s Retirement Plan Services business

“Manulife is a major player in the pensions business in Canada, the United States, Hong Kong and Indonesia. The completion of this transaction, in addition to our successful acquisition of Standard Life’s Canadian operations, significantly increases our retirement plan services business overall,” said Donald Guloien, president and CEO of Manulife, in a release. “These transactions accelerate our strategy to grow our wealth and asset management business around the world.”

With the closure of the transaction, JHRPS’s retirement plan assets under administration have increased by approximately 60 per cent to US$135 billion and the business now serves 55,000 retirement plans and 2.5 million plan participants.