Manulife Financial Corp. announced Tuesday it has completed itsacquisition of New York Life’s retirement business.

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The acquisition, which was previously announced, will becombined with John Hancock Retirement Plan Services. The addedbusiness boosts the retirement plan assets under administration bythe firm by approximately 60 percent, to $135 billion.

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The combined business will be headed by Peter Gordon, who is CEOof JHRPS. That means it now serves 55,000 retirement plans and 2.5million plan participants.

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Assets under management by Manulife and its subsidiaries wereapproximately $596 billion as of Dec. 31, 2014.

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The firm said that the acquisition not only adds “significantscale and new capabilities” to its retirement plan servicesbusiness within the U.S., but also gives it a strong position inthe mid-case and large-case retirement plan markets within the U.S.and extends its position in the small-case market.

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The transaction also complements recent investments in similarbusinesses in Canada and Asia.

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“We are pleased to welcome the entire group of 450 employees whowill help ensure the management transition is seamless forcustomers, advisors and businesses,” Gordon said of the transactionin a statement.

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He added that there would be “no changes in systems, businesslocations, or service teams.”

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Another transaction announced in December – in which New YorkLife agreed to assume a portion of some of John Hancock’s lifeinsurance policies – is set to close later this year pendingregulatory approvals.

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