Manulife Financial Corp. is planning to seek full control of its mutual fund joint venture in China to expand in one of the world’s fastest-growing wealth markets, according to a person familiar with the matter.
The Toronto-based insurer is in talks to buy the 51% stake being sold by partner Teda Investment Holding Co., the person said, requesting not to be identified because the matter is private. The stake would cost at least $272 million, according to an auction statement on Wednesday.
