TSX/NYE/PSE: MFC
SEHK:945
BURSA: 1058
KUALA LUMPUR, Dec. 31, 2013 /CNW/ - Manulife Holdings Berhad ("MHB"),
part of Canada-based Manulife Financial, today announced it has
successfully completed the acquisition of 100 per cent of the share
capital of MAAKL Mutual Bhd ("MAAKL"), following the receipt of
regulatory approval.
Group Chief Executive Officer of Manulife Holdings Berhad, Mark O' Dell,
commented: "We are very pleased to have completed the acquisition of
MAAKL. This greatly enhances Manulife's business and presence here in
Malaysia, complementing our wealth management growth strategy."
This acquisition will also see most of the investment management
responsibility for MAAKL's unit trust funds transferred to Manulife
Asset Management Services Berhad ("MAMSB"), further complementing
MAMSB's existing capabilities in world-class investment management.
Mr. O'Dell added: "MAAKL's strength lies with its senior management
team. That is why I am pleased to confirm that Mr. Wong Boon Choy will
continue in his role as the Chief Executive Officer and Executive
Director of MAAKL, while Mr. Patrick Nge Koh Nguong will remain as the
Chief Operating Officer of MAAKL. Moving forward, our priority is to
ensure the stability and continuity of MAAKL's operations prior to its
merger with MAMSB within 12 months' time, subject to regulatory
approval."
For Manulife Holdings Berhad, this acquisition brings a captive
distribution force of more than 1,100 professional unit trust advisers
as well as 27 unit trust funds, of which 19 are Employees Provident
Fund approved funds. Ten of the 27 funds are Islamic funds. This
acquisition will improve the scale of MHB's unit trust business, making
it one of the Top 10 largest in Malaysia in terms of unit trust assets.
About Manulife Malaysia
Manulife Holdings Berhad is a subsidiary of Canada-based Manulife
Financial Corporation. Through its subsidiary companies, Manulife
Malaysia offers an innovative range of financial protection, health and
wealth management products and services to meet the diverse needs of
our customers. Manulife Malaysia currently serves the needs of over
293,000 policyholders and wealth management customers. Manulife
Holdings Berhad has been listed on the Main Board of Bursa Malaysia
since 1984. As at September 30, 2013 its assets under management were
over RM4.0 billion. Manulife Malaysia can be found on the Internet at manulife.com.my.
About Manulife Asset Management Services Berhad
Manulife Asset Management Services Berhad (MAMSB) (formerly known as
Manulife Unit Trusts Berhad) is a wholly owned subsidiary of Manulife
Holdings Berhad, which is majority owned by Canada-based Manulife
Financial Corporation. MAMSB operates under the brand name of Manulife
Asset Management and holds a Capital Markets Services License for fund
management, dealing in securities restricted to unit trusts and dealing
in private retirement schemes, under the Capital Markets & Services Act
2007.
About MAAKL Mutual Bhd
MAAKL (pronounced 'mac kle') is now a wholly owned subsidiary of
Manulife Holdings Berhad. MAAKL offers a comprehensive range of 27 unit
trust funds in the asset classes of equity, fixed income and money
market. MAAKL, led by a highly experienced senior management team, is
well-positioned to build the most professional unit trust force in
Malaysia. MAAKL's award-winning MHO Mobile application is now available
on the iPad, iPhone, BlackBerry and Android Smartphones. MHO Mobile
empowers investors to monitor and manage their unit trust investments
at anytime, from anywhere. Visit MAAKL online at www.maaklmutual.com.my.
About Manulife Asset Management
Manulife Asset Management is the global asset management arm of Manulife
Financial, providing 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
public, private and alternative asset classes, as well as asset
allocation solutions. As at September 30, 2013, assets under management
for Manulife Asset Management were C$265 billion (US $258 billion).
Manulife Asset Management's public markets units have investment
expertise across a broad range of asset classes including public equity
and fixed income, and asset allocation strategies. Offices with full
investment capabilities are located in the United States, Canada, the
United Kingdom, Japan, Hong Kong, Singapore, Taiwan, Indonesia,
Thailand, Vietnam, Malaysia and the Philippines. In addition, Manulife
Asset Management has a joint venture asset management business in
China, Manulife TEDA. The public markets units of Manulife Asset
Management also provide investment management services to affiliates'
retail clients through product offerings of Manulife and John Hancock.
John Hancock Asset Management and Declaration Management and Research
are units of Manulife Asset Management.
Additional information about Manulife Asset Management may 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.
Clients look 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 also provide asset management services to
institutional customers. Funds under management by Manulife Financial
and its subsidiaries were C$575 billion (US$559 billion) as at
September 30, 2013. 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 Financial Corporation
