John Hancock Funds is about to gain a new Canadian sibling. On Wednesday Markland Street Asset Management revealed that ManuLife, through subsidiary Elliott & Page Ltd, is buying Toronto-based Markland.

“The purchase of Markland enables Manulife to continue to expand its presence in the retail structured products arena,” Roy Firth, executive vice president of Manulife's Canadian Individual Wealth Management business, said in the press release.

Markland managed $114 million as of August 31, 2009, according to the release. The firms runs at least two closed-end funds in Canada.

Toronto-based Manulife is the parent company of John Hancock.

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Company Press Release

TORONTO, ONTARIO--(Marketwire - Sept. 16, 2009) -

Markland Street Asset Management Inc. ("Markland") today announced that, Elliott & Page Limited, a wholly-owned subsidiary of Manulife Financial Corporation ("Manulife"), has signed an agreement to acquire all the outstanding shares of Markland.

The purchase, being made in conjunction with the acquisition of the Canadian retail investment fund business of AIC Limited, an affiliate of Markland, will mean that Manulife will become the parent company of Markland, the manager of the Oil Sands Sector Fund (TSX:OSF.UN) and the Markland AGF Precious Metals Corp (TSX:MPM)(TSX:MPM.WT). The transaction is expected to close by September 30, 2009 subject to regulatory and stock exchange approvals.

"The purchase of Markland enables Manulife to continue to expand its presence in the retail structured products arena," said Roy Firth, Executive Vice-President of Manulife's Canadian Individual Wealth Management business.

"We're excited to enter into this agreement with Manulife," said Sean Robitaille, President and Chief Executive Officer of Markland. "We are very proud of our accomplishments with Markland and look forward to being able to build on this success as part of the Manulife team." Mr. Robitaille and Managing Director Robert Levis will continue in their roles throughout the transition period.

Markland is a Canadian financial services firm focused on structured financial products. As at August 31, 2009, Markland had assets under management of approximately $114 million. Investment management for Markland funds will remain in place for the time-being and will be reviewed by Manulife post closing. 

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