TORONTO, March 31 /PRNewswire-Asia/ -- Manulife Financial
announced that it has closed the transaction to purchase Fortis
Bank SA/NV's (Note 1) 49 per cent ownership in ABN AMRO TEDA Fund
Management Co. Ltd. The new joint venture, Manulife TEDA Fund
Management Company Ltd. (Manulife TEDA), provides traditional
retail and institutional asset management for clients across the
Chinese market. Manulife TEDA is 51 per cent owned by Northern
International Trust, part of Tianjin TEDA Investment Holding Co.,
Ltd. (TEDA). The transaction has received all necessary regulatory
approvals.
2009 Assets Under Management
As one of the largest foreign-invested asset management companies
in China, Manulife TEDA's assets under management growth outpaced
the industry in 2009 with a 45 per cent increase (in constant
currency). With an award-winning management team, more than 40
investment professionals and extensive experience in China's asset
management market, Manulife TEDA's assets under management were
US$4.4 billion (RMB 30 billion) as at December 31, 2009. (Note
2)
Manulife Financial President and CEO Donald Guloien said, "The
completion of our new Manulife TEDA joint venture transaction
represents another important step forward for our growth plans in
China and the Asia region. The substantial increase in assets under
management in 2009 underscores the potential of this market. We are
excited to be able to offer a combination of insurance, wealth and
asset management capabilities in this important region."
"As Manulife has a long history of working successfully with its
business partners and the regulators in China, we have great
optimism for the success of this venture", stated Mr. Liu Huiwen,
President of TEDA.
Expands Manulife's footprint in China
Manulife TEDA plans to maintain and grow its existing platform of
high quality asset management products, and also plans to seek
regulatory approval for expanding its lines of business as and when
permitted by the China Securities Regulatory Commission (CSRC) and
other relevant bodies.
Marc Sterling, Executive Vice President, Asia Regional Operations,
Manulife Financial added, "We are very pleased at how smoothly this
transaction has proceeded and deeply appreciate the strong support
from our regulators. With the closing of the transaction, Manulife
is now one of the few companies with asset management companies in
China, Taiwan and Hong Kong and is well-positioned to benefit from
growing investor interest in the greater China region." Manulife
continues to build upon its broad range of wealth management and
pension solutions to serve its large, growing international
customer base.
Expands and deepens MFC Global Investment Management franchise in
Asia
MFC Global Investment Management President and CEO J-F Courville
said, "This deal gives our global clients access to the investment
expertise of a respected team of portfolio managers at the heart of
China's fixed income and equity markets. This, combined with the
Greater China know-how of our Hong Kong and Taiwan-based
professionals, makes us a compelling partner for institutional
investors and Manulife's retail clients wanting to tap into this
important market."
Manulife Financial now has asset management companies in 9 of 10 of
its operating territories across its Asia Division and is
strategically positioned to serve both the wealth management and
protection needs of consumers in Asia. With the completion of this
transaction, the pro forma assets MFC Global Investment Management
manages for external investor clients were US$110 billion as of
December 31, 2009.
Note 1. Now operating under the BNP Paribas Fortis brand.
Note 2. Currency conversion as at December 31, 2009.
About Manulife-Sinochem Limited
Operating in 41 cities in 11 provinces, Manulife-Sinochem Limited
(MSL) has more than 11,000 agents serving over 500,000 customers
across China. In China, MSL was established in 1996 and was the
first joint venture life insurance company in China. Manulife
Financial has extensive operations and more than 100 years
experience in Asia.
About MFC Global Investment Management
MFC Global Investment Management(R) is the asset management
division of Manulife Financial. MFC Global Investment Management's
diversified group of companies provides comprehensive asset
management solutions for institutional investors, investment funds
and individuals in key markets around the world. This investment
expertise extends across a full range of asset classes including
equity, fixed income and alternative investments such as oil and
gas, real estate, timber, farmland, as well as asset allocation
strategies.
MFC Global Investment Management has investment offices in the
United States, Canada, the United Kingdom, Japan, Hong Kong, and
throughout Asia. Additional information about MFC Global Investment
Management may be found at http://www.mfcglobal.com .
About Tianjin TEDA Investment Holding Company Ltd.
Tianjin TEDA Investment Holding Co., Ltd. (TEDA) is mainly engaged
in resource development and asset integration. As one of the most
influential investment holding companies in China, TEDA has
established its reputation through diversified operations in
industries such as finance, infrastructure, public utilities, real
estate, manufacturing, environmental protection, and hotels. With
China's focus on developing a sustainable, growing economy, TEDA is
committed to being a respected investment holding company serving
society by its successful growth. TEDA, a large company owned by
Tianjin City, had total assets of US$18.2 billion (RMB 124.5
billion) as at December 31, 2008.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services
group serving millions of customers in 22 countries and territories
worldwide. Operating as Manulife Financial in Canada and Asia, and
primarily through John Hancock in the United States, the Company
offers clients a diverse range of financial protection products and
wealth management services through its extensive network of
employees, agents and distribution partners. Funds under management
by Manulife Financial and its subsidiaries were Cdn$440 billion
(US$420 billion) as at December 31, 2009.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and
PSE, and under '945' on the SEHK. Manulife Financial can be found
on the Internet at http://www.manulife.com .
Media Contacts
In Toronto:
David Paterson
Manulife Financial
+1-416-852-8899
[email protected]
Laurie Lupton
Manulife Financial
+1-416-852-7792
[email protected]
In Asia:
Juliana Gittler
Manulife Financial
Tel: +852-2202-1501
Fax: +852-9027-5283
Email: [email protected]
In Hong Kong:
Helena Lee / Loren Tam
Manulife (International) Limited
Tel: +852-2202-1050 / +852-2510-3130
Fax: +852-2234-6875
Email: [email protected]/
[email protected]
Investor Relations
In Toronto:
Amir Gorgi
Manulife Financial
+1-416-852-8311
[email protected]
SOURCE Manulife Financial