(Yicai Global) Nov. 16 -- The Canadian asset management firm Manulife Financial Corporation's [HKG:0954] (MFC) wholly-owned company in Shanghai officially started operations. The company was granted the investment company 'Wholly Foreign-Owned Enterprise' (WFOE) license in China last March.
The new company, known as Manulife Investment (Shanghai) Limited Company, has a registered capital of CNY50 million (USD7.5 million). The company plans to introduce Manulife's global public market and alternative asset class solutions and co-investment opportunities to the fast-growing institutional asset management market in China and explore investment opportunities in the country, including commercial real estate and infrastructure projects, to provide to domestic and foreign institutional clients.
The company will leverage the Shanghai platform to expand its presence to serve a broader investor base, including small- and medium-sized institutions, private banks and wealth management platforms, and is studying to establish a number of overseas investment platforms, said James Chen, head of institutional business and relationship management, Asia, at Manulife Asset Management.
Manulife has more than 10 years of experience in the Chinese asset management market. Manulife's Chinese-foreign joint venture, Manulife-Sinochem Life insurance Co., was the first Chinese-foreign joint venture life insurance company in China to sell publicly offered funds. Manulife Teda Fund Management Co., with USD12.5 billion assets under its management, was one of the first asset management companies to issue fund of funds (FOF) approved by the China Securities Regulatory Commission (CSRC).