Manulife Mutual Funds, a division of Elliott & Page Ltd, has received regulatory approval to invest in shares of Manulife Financial.

“Investors in both the Elliott & Page and Manulife Investment Exchange Fund Families can now benefit from exposure to Manulife Financial, one of the country’s most successful and prominent financial services companies” said Roy Firth, senior vice president, individual wealth management, Manulife Financial.

In addition to being able to purchase shares of Manulife Financial, those funds that are not sub-advised by SEAMARK Asset Management (a company in which Manulife Financial owns a significant interest) will also be permitted to invest in shares of SEAMARK.

An Independent Review Committee has been formed to review the funds’ purchases, sales and continued ownership of investments in related parties. Warren Law, Robert Robson, and John Sandusky have been appointed as the initial members of the committee. All of these individuals are wholly independent of Elliott & Page Limited, Manulife Financial, SEAMARK, and all other portfolio managers for the funds.

The committee will meet at least quarterly to ensure that any decisions to buy, sell or hold shares of the related parties were and continue to be in the best interests of the funds’ investors and were made free from any influence by a related party.

Members of the committee will receive a fee plus any associated expenses for each meeting they attend. These costs will be allocated to the affected funds on a fair and equitable basis.