Manulife Securities is the new trade name for a group of companies consisting of a mutual fund dealer, investment dealer and insurance agency operating across Canada, following Manulife’s purchase of Berkshire-TWC Financial Group Inc.
As a result of a legal amalgamation today, a new company has been created. At the same time, securities and insurance services also have been renamed, all headquartered at the former Berkshire premises in Burlington, Ont.
As of today, Manulife Securities Investment Services Inc. became the new name for the amalgamated company derived from two mutual fund dealers — Manulife Securities International Ltd. and Berkshire Investment Group Inc. Manulife Securities Investment Services Inc. is a member of the Mutual Fund Dealers Association of Canada.
Manulife Securities Incorporated became the new name for Berkshire Securities Inc., the investment dealer that continues as a member of the Investment Industry Regulatory Organization of Canada (formerly the Investment Dealers Association of Canada).
Finally, all business of the insurance broker affiliate — Berkshire Insurance Services Inc. — will be transferred to Manulife Securities Insurance Inc.
“We are operating as a strong national firm that offers new opportunities for independent advisors serving their clients across Canada, committed to delivering the same high-quality service we provided in the past,” explains Rick Annaert, president of Manulife Securities.
“Manulife Securities is one of Canada’s pre-eminent financial organizations serving more than 1,500 investment professionals, with the backing of Manulife’s overall strength and expertise,” he adds. “We have a new look and are focused on leveraging the strengthened market and financial position of the combined companies.”
Independent advisors continue to be the backbone of both Manulife and Berkshire, and that complementary culture has helped to complete a very smooth integration, Annaert explains. “Manulife and Berkshire both bring a great deal of value to the transaction, including the financial strength, resources and track record to execute the best possible integration. The whole is truly greater than the sum of its parts.”
Annaert and Frank Laferriere, Manulife Securities’ CFO and chief operating officer, completed a 22-day road show to meet advisors across Canada, to outline branding plans for the full-service firm.
Today’s announcement follows regulatory approvals for the reorganization, plus approvals last August for Manulife Financial to close its purchase of Berkshire-TWC Financial Group Inc.