Manulife Financial Corporation and Berkshire-TWC Financial Group Inc. today announced that Manulife will acquire Berkshire’s mutual fund and securities dealerships in Canada, consisting of more than 700 advisors and 237 branches across Canada.

The deal, which is subject to regulatory approvals, is expected to close by August 31. Payment terms were not disclosed.

“This agreement is a natural fit for Manulife,” said Paul Rooney, president and CEO, Manulife Canada, in a news release. “When coupled with Manulife Securities, this will double our number of wealth management advisors across Canada and triple assets under administration in that business. This increased distribution capacity will add a significant amount of high-quality business to our Canadian operations.”

“Both Manulife and Berkshire have similar strong cultures designed to serve the needs of investors through independent advisors. We now have an excellent opportunity to significantly broaden Manulife’s position in Canada’s wealth management market, while providing Berkshire’s clients and advisors with access to Manulife’s platform of insurance, wealth and banking products and services,” Rooney added.

“This sale reflects the continuation of our overall strategy to keep building momentum for our independent advisors and their clients. We are committed to ensuring our clients continue to receive high-quality service and are very pleased that Manulife Financial is the purchaser of our business, since they share our passion for service and providing advisors and clients with a broad array of products and services,” stated Bob Levis, CEO of Berkshire-TWC.

When combined with Manulife Securities International Limited, the transaction will create a sales force of 1,500 independent advisors and a business with about $19 billion in assets under administration.

“This is a significant boost to Manulife’s wealth management business in Canada, particularly since it adds top-quality independent advisors to our team, top-quality systems, plus products available through members of the Investment Dealers Association and Mutual Fund Dealers Association,” added Rooney.

“Manulife Financial will continue to grow rapidly through the introduction of new and innovative products, the aggressive use of technology and expansion of our existing businesses. A key objective for Manulife is to help Canadians make better financial decisions and we welcome the opportunity to be of service to the advisors and clients of Berkshire,” Rooney said.