TORONTO, June 17, 2011 /CNW/ - Manulife Investments announces the
closing of its initial public offering for the Manulife Strategic
Income Opportunities Fund ("the Fund"), a closed-end investment fund.
Pursuant to the offering, the Fund issued an aggregate of 10 million
units (the "Units") at $10.00 per Unit, for gross proceeds of $100
million. The Units are listed on the Toronto Stock Exchange under the
symbol MSO.UN. The Fund has granted the Agents an overallotment option
to acquire additional Units at a price of $10.00 per Unit exercisable
at any time during the next thirty days.
The Fund has been created to provide exposure, on a tax-advantaged
basis, to an actively managed portfolio (the "Portfolio") comprised
primarily of fixed-income securities of global issuers, including
investment grade and high yield corporate bonds and developed and
emerging market government bonds.
The Portfolio will be actively managed by a team at Manulife Asset
Management, led by Daniel S. Janis III, Senior Managing Director and
Senior Portfolio Manager, Thomas C. Goggins, Managing Director and
Senior Portfolio Manager, and John F. Iles, Managing Director and
Portfolio Manager. Daniel, Thomas, John and their team have significant
experience managing global fixed-income investments, including the 2011
Lipper award-winning Manulife Strategic Income Fund*.
The Fund's investment objectives are to:
provide unitholders with monthly tax-advantaged distributions; and
preserve capital while providing the opportunity for long-term capital
The distributions are initially targeted to be 6.5% per annum on the
subscription price of $10.00 per Unit ($0.05417 per Unit per month or
$0.65 per Unit per annum). The Fund will not have a fixed monthly
distribution amount but will at least annually (commencing in May 2012)
determine and announce an expected distribution for the following 12
months. The initial monthly cash distribution is payable on August 15,
2011 to unitholders of record as of July 31, 2011.
The offering is being conducted by a syndicate of Agents led by RBC
Capital Markets and includes CIBC, BMO Capital Markets, Manulife
Securities Incorporated, Scotia Capital Inc., TD Securities Inc., GMP
Securities L.P., HSBC Securities (Canada) Inc., National Bank Financial
Inc., Canaccord Genuity Corp., Mackie Research Capital Corporation,
Raymond James Ltd. and Wellington West Capital Markets Inc.
About Manulife Investments
Manulife Investments is the brand name describing certain Canadian
subsidiaries and operating divisions of Manulife Financial Corporation
that offer personal wealth management products and services in Canada.
As one of Canada's leading integrated financial services providers,
Manulife Investments offers a variety of products and services
including segregated fund contracts, mutual funds, annuities and
guaranteed interest contracts.
About Manulife Asset Management
Manulife Asset Management™ is the global asset management arm of
Manulife Financial. Manulife Asset Management and its affiliates
provide comprehensive asset management solutions for institutional
investors and investment funds in key markets around the world. This
investment expertise extends across a broad range of asset classes
including equity, fixed-income and alternative investments such as real
estate, timber, farmland, as well as asset allocation strategies.
Manulife Asset Management has offices with full investment capabilities
in the United States, Canada, the United Kingdom, Japan, Hong Kong,
Singapore, Taiwan, Indonesia, Thailand, Vietnam, Malaysia, and the
Philippines. In addition, it has a joint venture asset management
business in China, Manulife TEDA. It also has operations in Australia,
New Zealand, Brazil and Uruguay. As at March 31, 2011, assets under
management for institutional clients were C$211 billion (US$217
billion). Additional information about Manulife Asset Management can be
found at ManulifeAM.com. Prior to December 15, 2010, Manulife Asset
Management was known as MFC Global Investment Management.
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 C$478 billion (US$492 billion) as at March 31, 2011.
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.
*The Lipper Fund Award was awarded based on the Global Fixed Income
category (1, 3 years) ended October 31, 2010. The Lipper Leader
Methodology is subject to change every month. Please refer to www.lipperweb.com for greater detail on the calculation of the Lipper Leader Ratings or
the awarding of the Lipper Awards.
SOURCE Manulife Financial
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