Manulife Holdings Berhad, a subsidiary of Canada-based Manulife Financial, said Tuesday that it has closed its buy of MAAKL Mutual Bhd. No financial terms were disclosed. Based in Malaysia, MAAKL is a trust funds provider.
KUALA LUMPUR, Dec. 31, 2013 /PRNewswire/ – 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.