spot_img
28.4 C
Philippines
Friday, March 29, 2024

Manulife cleared as a trust company

- Advertisement -

The Bangko Sentral ng Pilipinas approved the application of Manulife Asset Management and Trust Corp., the global asset management arm of Canada’s Manulife Financial Corp., to operate trust and other fiduciary business in the Philippines. 

Manulife Asset became the first trust corporation backed by the resources of a leading multinational financial services group in the country, following the liberalization measures initiated by Bangko Sentral.

Michael Dommermuth, Manulife’s head of wealth and asset management for Asia, said in a statement Tuesday the company’s latest move was a part of Manulife’s strategic plan to strengthen its business offerings in the Philippines and demonstrated the company’s commitment to deepening its relationships in Asia.

“The Philippines is a promising market for the asset management industry given the rapid growth of the middle-class population.  We have, over time, already built a strong book of business in the Philippines through our investment-linked products,” he said.

“With the launch of the trust corporation here, we now have the broadest Asean footprint of any asset management company, which is strategically important as we anticipate accelerated economic growth within the Asean region,” he said.

- Advertisement -

Ryan Charland, president and chief executive of Manulife Philippines, said the company built a strong foothold in the investment-linked insurance products segment, and the launch of its asset management and trust business would allow it to offer an expanded suite of solutions that cater to the full range of clients’ financial needs.

- Advertisement -

LATEST NEWS

Popular Articles