Manulife Brings Global Asset Management Expertise To Clients
Later this month, Manulife Asset Management Singapore (MAMS) will be joining the "Big Boys" like Franklin Templeton, Aberdeen Asset Management, or Schroders Investment Management in the Fund Management Industry, bringing a unique business proposition to the table. Established in 2007, MAMS received a Capital Markets Services (CMS) license from the MAS in June 2008. MAMS now has 11 people in their Singapore office, and as at 30 June 2009 manages S$2.36 billion worth of assets, exclusively for Manulife Singapore, with a dominance of fixed income business. With the launch of brand new funds later this month, MAMS will be expanding into the third party market.
Manulife Asset Management Singapore is part of MFC Global Investment Management (MFC GIM) which is also the asset management division of Manulife Financial. MFC GIM's diversified group of companies provides comprehensive asset management solutions for institutional investors, pension plans, retirement funds, foundations, endowment funds, third party and retail funds in key markets around the world. As at the end of March 2009 MFC GIM's assets under management totaled S$300 billion.
According to Manulife (Singapore) Pte Ltd's President and Chief Executive Officer and the Chairman of MAMS, Mr Darren Thomson, "Our key strength here is our large captive distribution network consisting of over 1,200 Financial Planners capable of possessing a Unit Trust license."
MAMS' Vice President and Managing Director Ms Jill Smith said, "Over the last five years, we have been setting up new asset management companies in ASEAN where our life insurance businesses are operating. We are committed to providing quality investment products to retail investors via Manulife's agency force and to institutional investors."
Last year's survey by the Monetary Authority of Singapore (MAS) on the Singapore asset management industry reveals at the end-2007, total assets managed by Singapore-based asset managers reach $1.173 trillion (representing a 32 per cent growth rate) compared to $891 billion as at end-2006. This is the seventh consecutive year of double-digit year-on-year growth in total AUM registered by Singapore-based asset managers.
