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SCMP Reporter

Manulife Asset Management (Hong Kong), a subsidiary of Canada's Manulife Financial Corp, has agreed to buy a 49 per cent stake in ABN Amro Teda Fund Management, a joint-venture fund house on the mainland for Euro105 million (HK$1.22 billion).
The company said it bought the stake from Fortis Bank.
The acquisition is expected to be competed in the first quarter of next year. The joint-venture fund management company will be renamed  Manulife Teda Fund Management.
'The new entity gives the company a fast-track entry into the China asset management industry, forecast to become one of the largest in the world in the coming decade,' the company said.  
ABN Amro Teda Fund Management, set up in 2002, is 51 per cent owned by Northern International Trust, part of  Teda Investment Holding, which is owned by the Tianjin municipal government.
Assets managed by the joint venture amounted to  26 billion yuan (HK$29.5 billion) at the end of June. It has 136 staff and  regional sales offices in Beijing, Guangzhou, Shanghai and Tianjin.
'When coupled with our extensive experience in China through our joint venture Manulife-Sinochem, we are extremely well positioned for success,' said Robert Cook, the president and chief executive of Manulife International Holdings.
Manulife-Sinochem is a joint-venture life insurer established by Manulife International and China Foreign Economic and Trade Trust.  It began operations in 1996 and  operates in 38 cities across 11  provinces.
Manulife, with  2.3 trillion yuan worth of assets under management on the mainland, expects its business to continue to grow substantially given that the country has one of the world's highest saving rates.
The mainland has been forecast by the Economist to surpass the United States in gross domestic product on a purchasing power parity basis by 2017.
'This is a very exciting opportunity to grow our company and reinforce our commitment to one of the largest asset management markets in the world,' said Thomas Cheong, a vice-president with  Manulife Financial's China asset management division.
Looking ahead
Purchase gives Manulife fast-track into mainland asset management 
The size of the holding  Manulife is taking in the joint-venture fund house: 49%



Manulife unit buys into joint-venture fund house