Will Celebrate Continued Growth and Partnership in China and 40th Anniversary of Canada/China Diplomatic Relations
TORONTO, June 24 /PRNewswire-FirstCall/ - Manulife Financial has announced that the Company will hold its October, 2010 Board meeting in Beijing, China at the time of the 40th anniversary of the establishment of diplomatic ties between Canada and China.
Gail Cook-Bennett, Chair of the Manulife Financial Board of Directors said, "We felt that this autumn would be an excellent time for our Board to convene in China, which is one of Manulife's and indeed the world's most important and fastest growing markets for financial services. As Canada's leading financial institution in China, we are also looking forward to celebrating the 40th anniversary of the establishment of diplomatic relations between Canada and China."
While in China, Manulife's Board and senior executives plan to meet with Chinese leaders and regulators, Manulife's partners, and the Company's Asia leadership team to review the Company's successful partnerships, continued growth and future opportunities in China.
Manulife President and Chief Executive Officer Donald Guloien said, "Manulife's success in China stems from our deep roots there, our long-term partnerships and the unwavering support we have received from both the Canadian and Chinese governments. China is not only home to over 1.5 million Manulife customers, it is increasingly important to our work in international wealth and asset management solutions."
Last week, MFC Global Investment Management announced that Manulife Asset Management (Hong Kong) was awarded a Qualified Foreign Institutional Investor (QFII) quota of US$200 million from China's State Administration of Foreign Exchange (SAFE). This quota allows non-Chinese investors to invest in securities listed on Chinese exchanges, broadens the offerings available to Manulife's investing clients and expands Manulife's international investments into China. Manulife also recently announced that its Chinese fund management joint venture, Manulife TEDA, has received a US$500 million Qualified Domestic Institutional Investor (QDII) quota enabling it to invest domestic Chinese funds in specific overseas markets including Canada.
Through its Manulife-Sinochem and Manulife TEDA joint ventures in China, and with international fund management support from MFC Global Investment Management, Manulife today provides insurance, wealth and asset management services to over 1.5 million Chinese clients through 12,000 employees and agents in 42 cities. Manulife TEDA had assets under management of RMB 30 billion (US$4.4 billion) as at December 31, 2009.
Robert Cook, Senior Executive Vice President & General Manager, Asia said, "We are honoured to be able to work with excellent partners like Sinochem and TEDA. Together we are providing our clients with strong, reliable, trustworthy and forward-thinking financial solutions that provide security and confidence for the future."
Manulife first established operations in Shanghai in 1897, and then was the first Chinese-foreign joint venture life insurance company approved to re-enter the Chinese market in 1996 through its insurance joint venture, Manulife-Sinochem. Today, some 75 per cent of Manulife's total business is conducted outside of Canada, including operations in 11 countries and territories in Asia.
Manulife-Sinochem is the largest Canadian financial services employer in China and is licensed in 42 cities in 11 provinces with 12,000 employees and agents serving over 500,000 customers across China. Manulife-Sinochem is a joint venture company between Manulife (International) Limited and China Foreign Economy and Trade Trust Company (a member of the Sinochem group). It was the first Chinese-foreign joint-venture life insurance company established in China. Manulife-Sinochem began operations in November 1996. The company is now developing in cities including Shanghai and Beijing, and in provinces including Guangdong, Zhejiang, Jiangsu, Sichuan, Shandong, Fujian, Chongqing and Liaoning. With more than ten years' successful experience, Manulife-Sinochem is committed to offering comprehensive insurance products combined with excellent customer service and professionalism.
Manulife TEDA Fund Management Company Ltd. (Manulife TEDA) is a leading foreign-invested asset management company providing 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.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group operating in 22 countries and territories worldwide. For more than 120 years, clients have looked to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We provide asset management services to institutional customers worldwide as well as reinsurance solutions, specializing in life and property and casualty retrocession. Funds under management by Manulife Financial and its subsidiaries were Cdn$446 billion (US$440 billion) as at March 31, 2010. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.
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.
SOURCE Manulife Financial