NOVEMBER 24, 2022 INSIGHT: GREATER CHINA China approves Canada’s Manulife for full control of its China mutual fund venture THE TAKEAWAY To expand its business in Asia, Manulife entered into a partnership with Tianjin TEDA in 2010, when Canada’s largest life insurance company, Manulife, Manulife acquired a 49 per cent stake from Dutch recently received approval to buy out its Chinese joint lender. [...] In asset management industry in recent years, Canadian October 2022, Manulife said the company is on track investment in China’s finance sector has plummeted to hit a goal of earning half of its profit from Asia. [...] IMPLICATIONS IN BRIEF After acquiring the remaining stake in Manulife TEDA Fund Management, Manulife will become the fourth On November 18, the China Securities Regulatory foreign financial firm to operate a wholly owned Commission (CSRC) announced its approval for mutual fund in China. [...] After the CSRC removed the Manulife Financial Corporation to take full control foreign ownership cap on fund companies in April of Manulife TEDA Fund Management Co., a Beijing- 2020, global financial titans jumped at the chance of based mutual fund. [...] In 2008, Manulife secured the approval to invest C$1.2 billion (6.44 billion yuan) - its largest investment in Produced by CAST’s Greater China team: Maya China to date - to expand the operations of Manulife- Liu (Program Manager) maya.liu@asiapacific.ca; Tristan Li (Analyst); Irene Zhang (Analyst).
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