Manulife Investment Management has received regulatory approval to become a wholly-owned fund management company in mainland China.
Manulife IM has received regulatory approval to acquire the remaining 51 percent stake in its China-based joint venture Manulife TEDA Fund Management, according to a statement, from Tianjin TEDA International Holding – its partner since 2010.
This will make it the first foreign wealth and asset manager to convert its joint venture into a wholly-owned public fund management company in mainland China.
The approval also follows the appointment earlier this month of industry veteran Xu Jin as the new chairman of Manulife’s wealth and asset management business in China.
Manulife in China
As of June 30 this year, Manulife-Teda had $12 billion in assets under management.
«Our winning formula is best evidenced by the robust on-the-ground investment and business team presence in all 10 Asian markets in which we operate,» said Michael Dommermuth, Manulife IM’s Asia head of wealth and asset management. «Through this approach, we are confident that our wholly owned public fund management company in China will further accelerate our growth in the market.»
Asset management aside, Manulife has had a longstanding presence in mainland China, having sold its first Asia life insurance policy in Shanghai in 1897. Today, Manulife operates in more than 50 cities and 14 provinces in China with over 2,000 employees.
