Joined by Canada Finance Minister Jim Flaherty in Celebrating Manulife's Ongoing Leadership and Growth in China
BEIJING, June 3 /PRNewswire-FirstCall/ - Senior officers of Manulife Financial and its joint venture Manulife TEDA were today joined in Beijing by Canada's Finance Minister Jim Flaherty to recognize the continued growth of Manulife's insurance, wealth and asset management business partnerships in China.
At the event, held at Manulife TEDA's offices in Beijing, the company announced that it has received a US$500 million Qualified Domestic Institutional Investor (QDII) quota from China's State Administration of Foreign Exchange (SAFE). A QDII quota allows China-based companies to invest domestic funds in specific overseas markets including Canada. The event also celebrated the business's anniversary.
Marc Sterling, Executive Vice President, Asia Regional Operations, Manulife Financial said, "We are very excited to have Minister Flaherty join us to celebrate another important step forward in the growth of Manulife's strong, long-term partnership in China. There is tremendous growth potential in the Chinese fund management industry and we are extremely pleased to have entered this fast growing market. We extend our sincere thanks to the Canadian government and Minister Flaherty in particular for their outstanding support and partnership with the Chinese government. Manulife looks forward to delivering an ever-expanding range of strong, reliable, trustworthy and forward-thinking solutions for our clients' financial needs in China."
Finance Minister Jim Flaherty said, "It is gratifying to see the tremendous growth and success of leading Canadian companies like Manulife in China. Today's announcement is an excellent example of the tremendous benefits to both Canada and China of our ever growing partnership." Minister Flaherty was in Beijing in advance of upcoming G20 meetings in Canada to visit with Chinese officials including the China Banking Regulatory Commission.
Mr Liu Hui-wen, Chairman of the Board of TEDA and Manulife TEDA, said: "Today's announcement is a true sign of success. Manulife TEDA and its predecessor joint venture grew their funds under management fivefold in recent years, but more importantly, Manulife TEDA has delivered superior investment returns and become a trusted partner of our clients. I am pleased to see how strong the company has become."
Manulife announced the completion of its acquisition of its 49% ownership of Manulife TEDA Fund Management Company Ltd. in March 2010, representing a significant expansion into China's fast growing wealth management market. The remaining 51 per cent is owned by Northern International Trust, part of Tianjin TEDA Investment Holding Co., Ltd. (TEDA). First established in June 2002, Manulife-TEDA is a leading foreign-invested asset management company in China.
Manulife's entry into China's fund management market has positioned it at the centre of one of the most promising markets in the world. Current industry assets under management of US$338 billion (RMB 2.3 trillion) are forecast to grow significantly and exceed US$1 trillion (RMB 6.9 trillion) by 2014.(1) China has one of the world's highest savings rates at 51 per cent of GDP. These latest developments follow the granting of Qualified Foreign Institutional Investor (QFII) licence to Manulife's asset management arm, MFC Global Investment Management(2), in November 2009.
Manulife continues to expand its offerings of insurance and fund management in China. Its insurance joint venture, Manulife-Sinochem, is the largest Canadian financial services employer in China and is licensed in 42 cities in 11 provinces with more than 11,000 agents serving over 500,000 customers across China.
Photos available at manulife.com/newsroom
About Manulife TEDA Fund Management Co., Ltd.
Manulife TEDA Fund Management Company Ltd. (Manulife TEDA), is a mid-tier fund management company that 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) and 49 per cent owned by Manulife Financial. Established in 2002, the joint venture was renamed Manulife TEDA following Manulife Financial's 49 per cent share purchase in March 2010.
The company distributes funds through direct sales as well as major banks in China, including China Construction Bank and Bank of China. The joint venture extends the reach of Manulife's asset management division, MFC Global Investment Management, into China and bolsters its award winning Greater China investment desk. Manulife TEDA investment professionals benefit from the experience and expertise of MFC Global Investment Management's network of more than 300 investment professionals worldwide.
Manulife TEDA had RMB 30 billion (US$4.4 billion) in funds under management as at December 31, 2009.
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$446 billion (US$440 billion) as at March 31, 2010.
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 www.manulife.com.
------------------------- 1. Z-Ben Advisors, currency conversion as of January 2010. 2. MFC Global Investment Management (Asia) is a division of Manulife Asset Management (Hong Kong) which was granted a QFII license.
/NOTE TO PHOTO EDITORS: A photo accompanying this release is available at http://photos.newswire.ca. Images are free to accredited members of the media/
SOURCE Manulife Financial