The acquirer noted that the takeover will considerably strengthen its capability to serve customers in all of Canada, and elsewhere in the world, from Quebec.

Manulife president and CEO Donald Guloien said: "Standard Life allows us to significantly increase our presence in Quebec, and dramatically increases our scale in a number of highly strategic lines of business.

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"Standard Life, in combination with the recently announced acquisition of New York Life’s Retirement Plan Services business in the United States, grows our global retirement plan business by about $80 billion."

The deal is transformative to Manulife’s Group Retirement business in Canada, as it nearly doubles assets under administration and moves Manulife to #2 in the highly competitive group retirement business in Canada based on AUA.

Further, the transaction also offers more than $6bn in assets under management (AUM) to its mutual fund business in Canada.

Manulife Canadian division senior executive vice president and general manager Marianne Harrison said: "A dedicated integration team is in place so that we can remain focused on the business, serving our customers and managing the transition with minimal disruption for customers, advisors and business partners."

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Charles Guay has been appointed as the executive vice president for Manulife’s Institutional Markets and will head the Canadian Division’s group benefits, group savings and affinity markets business nationally.

Additionally, Charles will also assume the role of president and CEO, Manulife Quebec, and will be accountable for developing and implementing a strategy to significantly increase Manulife’s presence, visibility and impact in Quebec.

Roger Renaud has been appointed as the new president, Manulife Asset Management, Canada.