Manulife Financial Corp. announced Tuesday it has completed its acquisition of New York Life’s retirement business.
The acquisition, which was previously announced, will be combined with John Hancock Retirement Plan Services. The added business boosts the retirement plan assets under administration by the firm by approximately 60 percent, to $135 billion.
The combined business will be headed by Peter Gordon, who is CEO of JHRPS. That means it now serves 55,000 retirement plans and 2.5 million plan participants.
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