Retirement plan services is a significant portion of John Hancock's wealth business, the firm's president, Craig Bromley, said.

John Hancock Financial, the US arm of the Canada-based financial services firm and insurance provider Manulife, has completed its acquisition of New York Life's retirement plan services business, significantly increasing assets under administration in this field.

Manulife is a major player in the pensions business in Canada, the US, Hong Kong and Indonesia.

This deal, combined with the acquisition of Standard Life's Canadian operations, boosts Manulife’s strategy to grow its wealth and asset management business globally, said Donald Guloien, president and chief executive at the firm.

John Hancock Retirement Plan Service AuA have now swelled by about 60 per cent to US$135 billion - the business now serves 55,000 retirement plans and 2.5 million plan participants.

Peter Gordon, CEO of JHRPS, will oversee all of John Hancock's retirement plan services business going forward.