Manulife Holdings Berhad to acquire MAAKL Mutual Bhd
- Deal lifts Manulife's asset management franchise to Top 10 status in
- Allows investors to benefit from broadened access to offshore markets.
KUALA LUMPUR, Malaysia, Nov. 13, 2013
KUALA LUMPUR, Malaysia, Nov. 13, 2013 /PRNewswire/ -- Manulife Holdings Berhad
("MHB"), part of Canada-based Manulife Financial, today announced that it has
entered into an agreement with MAA Group Berhad and other shareholders to
acquire 100 per cent of its subsidiary MAAKL Mutual Bhd ("MAAKL"), one of
Malaysia's successful unit trust companies. The deal is expected to close
within the next two months, subject to regulatory approval. This acquisition
will increase MHB's total assets under management to RM7 billion, elevating
MHB's unit trust assets to become one of the Top 10 largest in the country.^1
Group Chief Executive Officer of Manulife Holdings Berhad, Mark O' Dell,
commented: "This acquisition gives us an excellent opportunity to accelerate
Manulife Asia's growth strategy in Malaysia. Malaysia's working age population
is expected to remain approximately 60 per cent^2 of its total population over
the next 40 years which, fueled by growth in savings and income together with
increasing financial literacy, clearly indicates an increasing demand for
Mr. O'Dell added: "The professionalism and commitment of MAAKL's unit trust
advisers in earning their customers' trust are impressive. Their success
highlights that there is a market need for professional investment advice and
retirement planning. We aim to build on their strong foundation over the
coming years and are pleased to welcome all of MAAKL's unit trust advisers to
our family of over 50,000 agents across Asia. We trust that they will benefit
and further enhance their success by leveraging on Manulife's expertise in
agency distribution and by providing access to world class global investment
management through our asset management arm, Manulife Asset Management."
Incorporated in October 2000, MAAKL currently offers 27 unit trust funds, 10
of them being Islamic funds and 19 are Employees Provident Fund approved
funds, with a total net asset value of RM2.47 billion.^3 MAAKL is currently
ranked at 9th position^4 in the private unit trust industry in terms of total
fund size, and distributes its funds via a direct sales force of more than
1,100 unit trust advisers.
Most of the investment management responsibility for MAAKL's funds will be
transferred to Manulife Asset Management Services Berhad ("MAMSB"), a wholly
owned MHB subsidiary, subject to regulatory approval. MAAKL's operations are
expected to merge with MAMSB after completion of the transaction.
Michael Dommermuth, President, International Asset Management for Manulife
Asset Management said: "Manulife Asset Management believes in on-the-ground
presence, which provides us with local intelligence and allows us to establish
expertise in specialist fields, such as our Islamic finance capabilities in
Malaysia and Indonesia and our Renminbi bond expertise in Greater China. That
is why we have a vast network of investment professionals across 17 countries
and territories." Mr. Dommermuth went on to add that: "We are in a low
interest rate era and there are no purely domestic solutions for achieving a
well-diversified investment portfolio to allow for efficient deployment of
investors' assets. Therefore, some foreign investing is beneficial. With this
transaction extending the reach of our asset management franchise here in
Malaysia, we look forward to leveraging our global expertise to bring a broad
spectrum of equity, fixed income and asset allocation solutions to local
^1Based on pro-forma Lipper rankings of all private unit trust funds in
Malaysia as at 30 September 2013. Manulife Holdings Berhad unit trust assets
are the aggregate of MAMSB and MAAKL's combined AUM.
^2 Source: Manulife Asset Management - Aging Asia Report 2.
^3Source: MAAKL Mutual Bhd as at 30 September 2013.
^4 Source: Lipper IM as at 30 September 2013.
About Manulife Malaysia
Manulife Holdings Berhad is part 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 different customer needs. 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
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 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') 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 the country. 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
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$574.6 billion (US$558.7 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 Holdings Berhad Manulife Financial
(Malaysia): Corporation Manulife Asset Management
David Norris Ginie Lam
Manulife Financial, Manulife Asset Management
Tel: (03) 2719 9228 (ext Regional
Fax: (03) 2094 8139 Tel: +852 2202 1965
Tel: (852) 2202-1749
Manulife Financial Corporation
Director, Group Functions Media Relations
Director, Media Relations
Director, Media Relations
SOURCE Manulife Financial
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