INSURANCE provider Manulife on Wednesday launched a local asset management and trust unit in a bid to deliver a diversified portfolio of products and services to Filipino consumers.
Manulife Asset Management and Trust Corporation, the global asset management arm of the insurance firm, operates in 10 markets in Asia and was finally licensed to operate in the country last June.
“This new business will be able to leverage expertise not just on investments in our local market but for many other local markets in Asia [as well], and that will allow us to deliver a diversified portfolio of products and services to Filipino consumers,” Manulife Senior Vice President and Chief Marketing Officer Melissa Henson said.
In time for its 110th anniversary, Manulife introduced three Unit Investment Trust Funds (UITFs) or open-ended pooled trust funds: Manulife Stable Income Fund, Manulife Income Builder Fund, and Manulife Equity Wealth Fund.
Manulife Stable Income fund is a bond fund with a three-year maturity investing in fixed income securities; Manulife Income Builder Fund is also a bond fund investing in government securities and/or high quality corporate debt securities; while Manulife Equity Wealth Fund is an equity fund investing in publicly-listed stocks and fixed income securities.
“We’re extremely excited about being able to offer more options to our customers…we want to provide solutions that meet our customers’ needs and this is another step in that direction,” Manulife Philippines President and Chief Executive Officer Ryan Charland said.
The firm is bullish on the “consumer-oriented” Philippine economy with its population’s age averaging at 23, a high working class ratio, a booming business process outsourcing (BPO) industry, and steady remittances from Filipinos abroad, Charland said.
“[The Philippines] is definitely a growth market for us. All across the Asean region, we’ve been innovating in terms of how we serve our customers and we hope to do the same here in the Philippines, and contribute to the financial wellness of the public,” noted Michael Dommermuth, head of Wealth and Asset Management at Manulife Asia.