Symetra to Sell B/D Unit to John Hancock

Symetra will be affiliated with John Hancock Financial Network as a sister broker/dealer to Signator Investors Inc. The transaction is anticipated to close in three to six months. The terms of the deal were not disclosed.

According to Diana McSweeney, a spokesperson at Symetra, SIS was established in 1986 to help distribute Symetra’s variable annuity products and mutual funds. “We exited the retail mutual fund business several years ago, and our variable annuity products do not offer guaranteed living benefits — which is why SIS was no longer a good strategic fit as a distribution channel,” McSweeney told PLANADVISER. “It made sense for us to find a new owner for SIS that is committed to the broker/dealer business and can offer expanded services to SIS advisers.”

SIS, a dual registered broker/dealer/investment adviser with about 280 registered representatives, will affiliate with John Hancock Financial Network (JHFN), which currently has 1,600 registered representatives.

John Hancock is a unit of Manulife Financial Corporation. Symetra Investment Services (SIS) is in Bellevue, Washington.