HONG KONG, Aug. 16, 2012 /CNW/ - Manulife Asset Management announces today that it has obtained a Cross Border Investment Advisory license in Korea and has hired Peter Kim, Managing Director, Head of Institutional Sales, Korea to bring forth the company's global expertise in traditional and alternative asset classes to institutions in Korea.
Commenting on the new license Michael Dommermuth, President of Manulife Asset Management Asia says: "Korea is the second largest institutional asset management market in Asia, growing at 14% and forecast to reach KRW320 trillion by 20151. In addition, we are seeing considerable interest from institutional investors to step up portfolio diversification and outsource their investments through the appointment of investment managers or advisors. In fact, the proportion of outsourced assets under management for the retirement segment, which holds almost a third of total investable institutional assets, has grown from 9.7% in 2006 to 19.9% in 5 years2. Both these trends make Korea a strategically important market for Manulife Asset Management."
Based in Hong Kong, Peter Kim started with the company this July and reports to James Chen, Head of Institutional Sales & Relationship Management, Asia. In this role, Peter is responsible for developing the business strategy in Korea for Manulife Asset Management.
Peter brings with him over 17 years of business development experience in traditional and alternative asset management companies in Korea and Hong Kong. He started his career in the U.S., was Vice-President of Woori Global Markets Asia Limited and most recently was Director of Lapis Global Limited, based in Hong Kong.
Commenting on the appointment James Chen says: "We have identified three major interest areas from institutional investors looking for enhanced portfolio diversification, namely China, alternative asset classes and income-oriented solutions. We have compelling investment expertise in each of these areas amongst others, and with his business development experience in both traditional and alternative asset classes, Peter will play an important role in helping us address institutional needs in Korea."
Manulife Asset Management is a global asset manager with strengths in both traditional and alternative asset classes. Through its Hancock Natural Resources Group affiliates, Manulife Asset Management is the world's largest manager of timberland investments for institutional investors, with total acres under management of 6.6 million and one of the largest institutional managers of agricultural real estate in the U.S., managing more than 280,000 acres of prime farmland, primarily in the U.S. but also in Australia and Canada3.
China is a familiar market to Manulife Asset Management. The Hong Kong based China fixed income team has earned accolades for its China offshore Dim Sum Bond capability4. Manulife's award-winning5 joint venture in mainland China, Manulife TEDA, provides local market insights via extensive company research and government policy analysis to benefit the company's equity investment and advisory businesses. Following its success in filling a U.S.$200 million Qualified Foreign Institutional Investor (QFII) quota in 2010 through offering global investors investment strategies that tap the growth potential of China's A-share equity and domestic bond markets, the company was awarded an additional QFII quota of U.S.$100 million in July this year. The company has also won two institutional advisory mandates on CNY bonds and China A-shares, respectively for institutions in Asia in the past three months.
Today's announcement follows earlier news that Manulife Asset Management hired heads of Asset Allocation and Product Development in Asia to scale up the development of investment solutions that help Asian investors meet an ever-widening range of income and total return needs.
Notes to editors:
- Cerulli Quantitative Update: Institutional Asset Management in Asia 2011; China is the largest institutional market; compound annual growth rate refers to the period from 2006 to 2010; 2015 market size forecast is made by Cerulli.
- Cerulli Quantitative Update: Institutional Asset Management in Asia 2011.
- ReferencingHancock Timber Resource Group (HTRG) and Hancock Agricultural Investment Group (HAIG), respectively, both are Manulife Asset Management companies. Ranking as measured by HTRG using publicly available data. Data as of July 2012 for HTRG and June 2012 for HAIG.
- The CNH Market category win is attributed to a Taiwan retail fund (not registered in Hong Kong and Korea), and awarded at the AsianInvestor Investment Performance Awards 2012, please visit www.asianinvestor.net for more details.
- Manulife TEDA won the "2010 Ten Star Fund Company Award" in the "2011 Chinese Star Fund Company Awarding Ceremony" by the Chinese Securities Times. Manulife Teda Fund Management Co. Ltd is a joint venture, with a 49% stake, between Manulife Financial and Northern International Trust, part of the Tianjin TEDA Investment Holding Co. Ltd.
About Manulife Asset Management
Manulife Asset Management is the global asset management arm of Manulife Financial. Manulife Asset Management provides comprehensive asset management solutions for institutional investors and investment funds in key markets around the world. Manulife Asset Management also provides investment management services to affiliates' retail clients through product offerings of Manulife and John Hancock. 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. John Hancock Asset Management, Hancock Natural Resource Group and Declaration Management and Research are units of Manulife Asset Management.
Manulife Asset Management was named Best Asian Bond House by Asia Asset Management in 2011. As at June 30, 2012, assets under management were U.S.$218 billion. Additional information about Manulife Asset Management can be found at ManulifeAM.com.
About Manulife Financial
Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. In 2012, we celebrate 125 years of providing clients 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 also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were C$514 billion (U.S.$504 billion) as at June 30, 2012. 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 manulife.com.
SOURCE: Manulife Asset Management
For further information:
Media contact in Asia: Ginie Lam, Manulife Asset Management (Asia), +852 2202 1965, [email protected]; Media contact in North America: Beth McGoldrick, Manulife Asset Management, Boston, MA, +1-617-663-4751, [email protected]