Manulife Financial to Purchase Fund Management Joint Venture in China
/NOT FOR DISTRIBUTION TO
The new joint venture, which will be called Manulife TEDA Fund Management Company Ltd., will provide traditional retail and institutional asset management across the Chinese market. While Manulife TEDA Fund Management Company Ltd. plans to maintain and grow its existing platform of high quality asset management products, over time it also plans to seek regulatory approval for expanding its lines of business as and when permitted by CSRC (
Manulife Financial President and CEO Donald Guloien said, "Our new partnership with TEDA provides a rare strategic opportunity to make a fast track entry into China's large and high growth market for individual and institutional wealth management services. This accelerates our expansion in China's huge growth market by several years. We are impressed by the quality of this asset management operation with its strong management team and competitive culture. The business has shown excellent performance, underpinned by its quality administration, use of web-based tools, positive reputation with regulators and satisfied customers."
The asset management industry in
MFC Global Investment Management President and CEO J-F Courville said, "We are excited about the opportunity to extend the reach of our global asset management business into
"Both parties will cherish the opportunity to cooperate closely to make rapid progress," stated
ABN AMRO TEDA Fund Management Co., Ltd was established in 2002. With an award-winning management team and extensive experience in China's asset management market, it currently has assets under management of US$3.8 billion (RMB 26 billion)(5). It is 51 per cent owned by Northern International Trust, part of
Operating in 38 cities in 11 provinces, Manulife-Sinochem Limited (MSL) currently has more than 10,000 agents serving over 490,000 customers across
----------- (1) Now operating under the BNP Paribas Fortis brand. (2) Currency conversion as of November 20, 2009. (3) Source: CSRC, currency conversion as of June 30, 2009. (4) Z-Ben Advisors, currency conversion as of September 30, 2009. (5) AUM calculation and currency conversion as of September 30, 2009. (6) TEDA figures and currency conversion as of December 31, 2008.
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
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
Caution Regarding Forward-Looking Statements
This document contains forward-looking statements within the meaning of the "safe harbour" provisions of Canadian provincial securities laws and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to the anticipated benefits of the proposed purchase and its anticipated accretive impact on MFC's earnings. These forward-looking statements relate to MFC's expectations and estimates, can generally be identified by the use of word "expect", and include statements concerning possible or assumed future results. Although MFC believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. In particular, in making the statement regarding the expected accretive impact of the purchase on MFC's earnings, we have assumed that the market value of the assets under management and expense levels for the business of ABN AMRO TEDA Fund Management Co. Ltd. (the "TEDA Business") do not change materially from current levels and that the information provided to us regarding the TEDA Business was accurate. Important factors that could cause actual results to differ materially from expectations include but are not limited to: changes in the market value of the assets under management or expense levels of the TEDA Business, the accuracy of information received regarding the TEDA Business, business and economic conditions in the markets in which the TEDA Business operates; changes in laws and regulations; legal and regulatory proceedings; level of competition and consolidation; the ability to retain key executives; and the ability to execute strategic plans and changes to strategic plans. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found under "Risk Factors" in MFC's most recent annual information form, under "Risk Management" and "Critical Accounting and Actuarial Policies" in the management's discussion and analysis in MFC's most recent annual and interim reports, in the "Risk Management" note to the consolidated financial statements in MFC's most recent annual and interim reports, and elsewhere in MFC's filings with Canadian and U.S. securities regulators. MFC does not undertake to update any forward-looking statement that is contained in this document except as required by law.For further information: Media Contacts: David Paterson, Manulife Financial, (416) 852-8899, firstname.lastname@example.org; Laurie Lupton, Manulife Financial, (416) 852-7792, email@example.com; Investor Relations: Amir Gorgi, Manulife Financial, (416) 852-8311, firstname.lastname@example.org