The Globe and Mail reports in its Wednesday, Dec. 24, edition that Manulife Financial's Boston-based John Hancock has agreed to buy New York Life Insurance's Retirement Plan Services (RPS) business. The Globe's Jacqueline Nelson writes that RPS provides retirement savings plans to companies in the United States. At the same time, New York Life is acquiring part of a portfolio of life insurance policies from John Hancock. Ms. Nelson says the deal's terms were not disclosed but the businesses are considered to be of only slightly different values. Manulife says the deal will bolster a faster-growing and higher-return part of its wealth and asset management business. At the same time the deal cuts the amount of capital Manulife has tied up supporting the long-term commitments of the life insurance portfolio. Manulife boss Don Guloien says, "When completed, these transactions will each accelerate our strategy to grow our wealth and asset management businesses around the world." He says the swap follows other efforts to boost the company's retirement plans business, including the $4-billion deal it did in September for the Canadian operations of Standard Life. Manulife plans to roll RPS into John Hancock.