Manulife is increasing its footprint in the Asia Pacific region. The latest move sees it pursue the growing middle class wealth in the Philippines.
Manulife said in a press release that its Asset Management and Trust Corporation (MAM) received approval to engage in trust and other fiduciary business in the Philippines from the Bangko Sentral ng Pilipinas (BSP).
The Toronto headquartered firm becomes the first trust corporation backed by the resources of a multinational financial services group in the Philippines, following the recent liberalization measures initiated by the BSP.
Fast Growing Market
On the back of her success in growing the company’s asset under management as Manulife Philippines’ Chief Investment Officer, Aira Gaspar, has been appointed CEO of the new MAM.
MAM will aim to leverage its global investment capabilities to offer solutions to clients in the Philippines.
Head of Wealth and Asset Management, Asia, for Manulife, Michael Dommermuth said, «The Philippines is a promising market for the asset management industry given the rapid growth of the middle class population.»
