Manulife completes acquisition of MAAKL Mutual Bhd in Malaysia
03 January 2014
Category: News, Asia, Malaysia
By Asia Asset Management
Manulife Holdings Berhad (MHB), part of Canada-based Manulife Financial, announced it had successfully completed the acquisition of 100% of the share capital of MAAKL Mutual Bhd (MAAKL) on December 31, 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: "One of MAAKL's strengths is its senior management team. That is why I am pleased to confirm that Wong Boon Choy will continue in his role as the chief executive officer and executive director of MAAKL, while 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 ten largest in Malaysia in terms of unit trust assets.