Toronto-based Manulife Financial Corp. announced on Wednesday that it will acquire mutual fund dealer Wellington West Financial Services Inc. from National Bank Financial Group.

The deal will add 39 financial advisors and approximately $900 million in assets under administration to Manulife Securities Investment Services Inc. Both Manulife Securities and Wellington West Financial Services are registered with the Mutual Funds Dealers Association (MFDA).

“This transaction allows us to build on our position as one of Canada’s premier investment firms and reflects our commitment to independent financial advice in Canada,” said Rick Annaert, SVP and president and CEO, Manulife Securities. “There is a natural cultural fit between our two firms. We’re looking forward to serving the needs of Wellington West Financial Services’ clients and financial advisors.”

Wellington West Holdings Inc. was acquired by National Bank in July 2011. Wellington West’s full service investment dealer was integrated into National Bank’s, while its MFDA-licensed dealer continued to operate as a separate entity under the name Wellington West Financial Services Inc. It provides personal and corporate financial planning services through its network of independent financial advisors in British Columbia, Alberta, Manitoba and Ontario.

“This is a great opportunity for the financial advisors who will be joining one of the leading MFDA dealers in Canada,” said Martin Lavigne, president of National Bank Financial Wealth Management. “In securing such a new work environment, we are contributing directly to their career development and providing support and a seamless transition for their clients.”

Following the acquisition, Manulife will have a team of more than 1,250 independent advisors with $20 billion in assets under administration. Manulife Securities’ advisors provide independent financial planning and investment management services to individuals, families and business owners encompassing a complete range of investment, banking and insurance options tailored to fit their financial goals.

Closing is expected to take place in the fourth quarter 2012 and is subject to regulatory approval. Financial terms of the deal were not disclosed.