Manulife Asset Management, an arm of the leading Canada-based
financial services company
Manulife Financial Corp.
), announced its expansion into Korea. Manulife received a Cross
Border Investment Advisory license in the country. To oversee the
operations in the region, the company has appointed Peter Kim as
Peter Kin joined the company last year and was responsible for
developing business strategies in Korea for Manulife Asset
Management. His seventeen years of experience in alternative asset
management companies will be fruitful for Manulife's Korean
Korea seems particularly attractive to Manulife because of its vast
institutional asset management market in Asia, which is expected to
grow 14% to KRW320 trillion by 2015. Additionally, institutional
investors in the Asia are very eager to make portfolio
The company took a similar step last month by setting up a head
office in Cambodia. The main motive behind this was to expand its
business and presence in the Cambodian region.
Last week, Manulife Financial reported a second-quarter 2012
operating loss of 18 cents, compared with the income of 26 cents
per share in the prior-year quarter. The disappointing results came
on the back of a volatile equity market and a weak interest rate
Nevertheless, the Asia division's operating performance for the
second quarter was solid. Asia division net income of US$283
million, excluding notable items, was driven by strong growth of
in-force earnings and higher new business gains. The Asia division
delivered record insurance sales, which was 17% higher than the
prior year. Many of the territories recorded year-over-year
double-digit growth, with Japan, Hong Kong and Indonesia reporting
Manulife currently retains a Zacks #2 Rank, which translates into a
short-term Buy rating. Considering the fundamentals, we are
maintaining our long-term 'Neutral' recommendation on shares.
Headquartered in Toronto, Canada, Manulife Financial operates as a
life insurance company and offers reinsurance services. The company
functions as Manulife Financial in Canada and Asia, and primarily
as John Hancock in the United States.
) is one of its biggest competitors.
METLIFE INC (MET): Free Stock Analysis Report
MANULIFE FINL (MFC): Free Stock Analysis Report
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