John Hancock has agreed to acquire Bellevue, Wash.-based Symetra Investment Services from Symetra Financial Corporation. The deal is expected to close in three to six months. Terms were not disclosed.
Symetra Investment, a dual registered broker-dealer/investment advisor firm with some 280 registered representatives, will become affiliated with John Hancock Financial Network, which currently has 1,600 registered representatives through its current dual registered broker-dealer/investment advisor, Signator Investors.
“Given Symetra’s current product lineup, SIS is no longer a good strategic fit for us as a distribution channel,” stated Tom Marra, president and CEO of Symetra Financial Corporation. “John Hancock Financial Network will offer many advantages to SIS advisors, allowing them to thrive with greater scale and resources for clients as well as business development support.”
"JHFN is open to opportunistic acquisitions, not necessarily based on geographic location, but rather on the business profile of the specific broker-dealer and its fit within our organization," Melissa Berczuk, a spokesperson for John Hancock, told Money Management Executive.
"Symetra Investment Services will be rebranded upon regulatory approval and the finalization of our acquisition. Like all John Hancock Financial Network affiliated advisors, Symetra advisors will be able to brand with their own unique name or brand as a member of the John Hancock Financial Network."