Bringing you live news and features since 2006 

Standard Chartered and Manulife form 15-year pension distribution partnership


Standard Chartered and Manulife have entered into a 15-year distribution partnership providing Manulife the exclusive right to offer its Mandatory Provident Fund (MPF) product to Standard Chartered's customers in Hong Kong. 

As part of the arrangement, Manulife will acquire Standard Chartered's existing MPF and Occupational Retirement Schemes Ordinance (ORSO) businesses, and the related investment management entity.
The partnership further enhances Standard Chartered's wealth offering and the bank's position as a leading distributor of wealth management products in Hong Kong. It will provide Standard Chartered's individual and business customers in Hong Kong with greater investment choice, access to market leading technology platforms and high-quality customer service. This arrangement significantly expands Manulife's pension business in Hong Kong, and strengthens its position as the #2 MPF provider as measured by assets under management and the #1 MPF provider as measured by net cash flows.
Judy Hsu (pictured), Group Head, Wealth Management, Standard Chartered, says: "We are delighted to partner with Manulife, a leading provider of retirement funds  in Hong Kong. The partnership demonstrates our commitment to provide our clients with a holistic proposition, including retirement services, to meet their financial goals. It is a further step in executing on our global wealth strategy, to leverage our strong franchise and distribution network to deliver quality wealth solutions to our clients."
Roy Gori, President and CEO, Manulife Asia, says: "This partnership between two of Hong Kong's top financial services companies will enable us to increase value to customers and deliver the benefits of economies of scale. The MPF industry in Hong Kong is experiencing continued consolidation, and Manulife is seen as a partner of choice.  Manulife is a major player in the pension business in Hong Kong, Canada, the United States, and Indonesia.  This deal complements Manulife's recent acquisitions in Canada and the United States and accelerates our strategy to grow our Asia and wealth management businesses."
May Tan, Chief Executive Officer of Standard Chartered Bank (Hong Kong) Limited, says: "Standard Chartered has been an active participant in the retirement services market in Hong Kong since the inception of the MPF scheme. This partnership will strengthen our proposition in retirement services which remains a core product of the bank. We look forward to working with Manulife to deliver the benefits of the partnership to our customers."
Michael Huddart, Executive Vice President and General Manager, Greater China, Manulife, says: "We look forward to serving the retirement needs of Hong Kong customers in partnership with Standard Chartered, one of Hong Kong's oldest and largest banks. This arrangement demonstrates our commitment to Hong Kong, where we have served customers for more than a century."
The transaction is expected to close in the first half of 2016, subject to the receipt of relevant regulatory approvals.  Financial terms of the transaction have not been disclosed.

Latest News

There were two companies launching this week, each reflecting key and recurring themes in ETF strategies. ..
A quiet week for launches in the US...
RBC Global Asset Management (GAM) was the only firm to launch new ETF offerings in March 2023. The firm launched..
Solactive writes that with current developments and economic trends, such as the COVID-19 pandemic, increasing inflation rates, and energy prices,..

Related Articles

Marie Coady, PwC
PwC’s new research amongst global ETF managers, sponsors and service providers reveals a sector with upbeat growth projections. Despite the...
Vishal Kapoor, Bandhan Mutual Fund
ETF Express reported on a couple of ETF launches in India over the last couple of weeks, including the new...
ETF Awards
We are very pleased to bring you the winners in the 13th outing of the ETF Express European ETF Awards,...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by