Manulife International has established 15-year mandatory provident fund (MPF) distribution partnership with Standard Chartered Bank (Hong Kong) to serve the retirement needs of customers in Hong Kong.
Under the partnership, Manulife will offer its MPF products to Standard Chartered’s customers in the region.
Additionally, Manulife has purchased Standard Chartered’s existing MPF and ORSO businesses, and its related investment management firm as part of the move.
Manulife said that the arrangement will enable both firms to expand their investment and wealth management operations by clubbing strengths in distribution reach, product offerings, investment expertise and technology platforms.
Standard Chartered’s customers will now able to access 27 more fund options from Manulife.
Manulife International CEO Guy Mills said: “The acquisition testifies to our ambition and continued investment in Hong Kong’s MPF industry to strengthen our leading market position. Similarly, the 15-year strategic partnership speaks to our deep commitment to bringing easier and more efficient retirement planning to an even wider range of people across Hong Kong.
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“Working towards this goal with a trusted partner like Standard Chartered is a particularly fitting way to mark our own 80th anniversary in the city. We look forward to many more years ahead helping MPF members achieve their financial goals.”
Standard Chartered Bank (Hong Kong) CEO May Tan said: “We are committed to supporting our customers to manage, grow and protect their wealth. The strategic partnership with Manulife will strengthen our capabilities in helping our customers create wealth today for long-term financial protection, by leveraging our strong distribution network to deliver Manulife’s MPF products to our customers.
“This is also testimony to Standard Chartered’s commitment to investing in our wealth management business. We look forward to working closely with Manulife in the years to come.”