Manulife Hong Kong and Macau has announced an alliance with Allianz Global Investors Asia Pacific under which Manulife will become the sponsor of Allianz Global Investors MPF Plan.
This is subject to regulatory approval, the companies said.
AllianzGI will continue to be the MPF scheme’s investment manager and provide offerings in Manulife’s MPF platform.
Manulife Hong Kong and Macau, Chief Executive, Damien Green, said the alliance reinforces the insurer's commitment to the development of Hong Kong’s MPF industry.
“With our wealth of 84 years of pension management experience and as one of the leading players in the MPF market since its launch 20 years ago, we are relentlessly innovating to meet the evolving pre- and post retirement needs of the Hong Kong population.”
Manulife said this will enable it to further solidify its No 1 position as the scheme sponsor and product provider in the Hong Kong MPF market.
Inclusive of AllianzGI’s market share, Manulife would be leading the market with a share of 25.6 percent, based on assets under management as at September 30, 2020.
Desmond Ng, Head of Asia Pacific, Allianz Global Investors, said this will benefit clients of both AllianzGI and Manulife in the long run. “With our expertise in active asset management, we will continue to seek more meaningful results for MPF clients and to contribute to the development of Hong Kong pension market.''
Under the alliance, the sponsorship of the scheme will be transferred to Manulife, and AllianzGI will remain focused on leveraging its core strength as a global active asset manager to provide investment solutions.
This allows existing AllianzGI’s MPF clients to remain invested in their funds, and, at the same time, gain access to Manulife’s customer support and digital services.
Third from left, Michael Dommermuth, head of wealth and asset management, Asia, Manulife Investment Management; Damien Green, CEO, Manulife Hong Kong and Macau, and Desmond Ng, head of Asia Pacific, Allianz Global Investors.
