Manulife completes Standard Life deal

“Standard Life allows us to significantly increase our presence in Quebec, and dramatically increases our scale in a number of highly strategic lines of business,” said Donald Guloien, president and CEO, Manulife, in a news release. “Standard Life, in combination with the recently announced acquisition of New York Life’s Retirement Plan Services business in the United States, grows our global retirement plan business by about $80 billion.”

Manulife says the deal transforms its Canadian group retirement business by almost doubling assets under administration (AUA), and moving the company to #2 in the group retirement business in Canada based on AUA. The transaction also adds over $6 billion in assets under management (“AUM”) to Manulife’s mutual fund business in Canada.

“A dedicated integration team is in place so that we can remain focused on the business, serving our customers and managing the transition with minimal disruption for customers, advisors and business partners,” said Marianne Harrison, senior executive vice president and general manager, Canadian division. “We welcome approximately 1.4 million new customers and 2,000 very talented employees who serve these customers.”

Charles Guay has been named executive vice president for Manulife’s institutional markets and will lead the Canadian division’s group benefits, group savings and affinity markets business nationally. He also becomes president and CEO, Manulife Quebec, and will be responsible for developing and implementing a strategy to significantly increase Manulife’s presence, visibility and impact in Quebec. He also becomes a member of Manulife’s global management committee.

Last week, Roger Renaud was named president, Manulife Asset Management, Canada. He will lead the development and implementation of Manulife’s asset management strategy and business in Canada, growing and expanding this important market.

See: Manulife AM appoints Canadian chief

Manulife says it will commence building a new home for employees in Montreal in partnership with Caisse de dépôt et placement du Québec.

Standard Life Mutual Funds now part of Manulife Investments

Standard Life Mutual Funds Ltd. and Standard Life Investments Inc., the primary portfolio manager of the Standard Life mutual funds, are now part of Manulife Investments.

Securityholders can expect to see the adoption of Manulife branding, commencing with the change in name of Standard Life Investments Inc. to Manulife Asset Management Accord (2015) Inc., effective Feb. 2. This change does not impact any fund mandates or the portfolio managers who manage them, the companies say.

In addition, the fund manager for the funds will be changed from Standard Life Mutual Funds Ltd. to Manulife Asset Management Limited, subject to obtaining securityholder approval at meetings to be held on March 26.

This change in fund manager applies to all Standard Life Trust Funds and Standard Life Corporate Class Funds.

This is a change in fund manager only and does not impact any fund mandates or the portfolio managers who manage them. As well, the names of the funds remain the same, the companies say.