Manulife (NYSE: MFC ) is set to become a slightly larger company. The company announced that its John Hancock unit had agreed to acquire Symetra Investment Services, a broker-dealer and investment advisory division of Symetra (NYSE: SYA ) . The terms of the deal were not disclosed.
Following the completion of the purchase, SIS will become an affiliate of the John Hancock Financial Network. The former's roughly 280 registered representatives would join the 1,600 currently affiliated with JHFN.
The latter waxed enthusiastic about the new acquisition. In the press release announcing the move, Manulife quoted JHFN President Brian Heapps as saying that "strategically, they offer us a breadth of wealth experience and a geographic presence that complements our existing footprint as we continue to grow."