In a move to expand its product base, John Hancock Financial Services Inc. has put together a strategic partnership with Compass Bancshares Inc. to sell annuities, mutual funds and insurance, according to a Yahoo financial report.
A Sunbelt-based financial holding company with some $20 billion in assets, Compass will sell Hancock a variety of programs through its 340 banking locales, including fixed and variable annuities, mutual funds, life insurance and long-term care insurance. In return, John Hancock will offer major account service and support for all product lines, along with introducing a new opportunity, “Platform Plus,” a tool for delivering platform sales opportunities.
Hancock formed Platform Plus through subsidiary Essex Corp., one of the nation’s biggest and oldest third-party marketers of financial products for banks, which has worked with a number of major U.S. banks to implement and direct their investment programs.
At the end of 2000, John Hancock Financial Services Inc. and its related companies had combined assets under management of $125.2 billion.
Compass Bancshares offers full-service banking offices in Alabama, Arizona, Colorado, Florida, Nebraska, New Mexico and Texas.
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