Canadian Financial Group Doubles Wealth Management With Acquisition

Stephen Harris

27 June 2007

Canada’s Manulife Financial is to buy Berkshire-TWC Financial Group to double the size of its Canadian wealth-management business. Berkshire-TWC Financial Group has more than 700 advisors and 237 branches across Canada. Manulife chief executive Dominic D'Alessandro told investors that increasing the Toronto-based insurer's share of the Canadian mutual fund market was a strategic objective. The deal will double the number of wealth management advisors Manulife has across Canada and triple its assets under administration in that business. The deal is expected to close by the end of August. Financial terms were not disclosed.