Billionaire investor Michael Lee Chin - File

Billionaire investor Michael Lee Chin has sold his wealth planning firm, Berkshire-TWC Financial Group to Manulife Financial Corp, a deal that instantly doubles the latter's presence in the Canadian market.

The 20-year-old Berkshire-TWC comprises companies Berkshire Securities Inc, Berkshire Investment Group and Berkshire Insurance Services. The company's 237 branches administer C$12 billion of funds, and employs 750 advisors.

"This increased distribution capacity will add a significant amount of high-quality business to our Canadian operations," said Paul Rooney, president of Manulife Canada.

The deal is expected to close by August 31. Financial terms were not disclosed.

Lee Chin is said to own 75 per cent of Berkshire-TWC, with the remaining shares held by Tim Calibaba and other shareholders. Calibaba was president of the TWC Group until its sale in 2003 to Lee Chin. Robert Levis was later named CEO.

Berkshire-TWC is not affiliated with Warren Buffett's Berkshire Hathaway Inc of the United States.

But Lee Chin, a Jamaican-Canadian who is also principal owner of AIC Limited of Canada, and National Commercial Bank of Jamaica, is an admirer of Buffett and has said in the past that he built his wealth on the principles that guide Buffett.

When combined with its existing operation, Manulife Securities International Limited, Manulife said the transaction will create a sales force of 1,500 independent advisors and a business with about C$19 billion (US$17.7 billion; €13.15 billion) in assets under administration.

Manulife currently has a network of 800 independent advisers and C$6.3 billion ($5.9 billion; €4.38 billion) in assets under management.

- Gleaner and AP reports