Manulife-Sinochem/Brookfield/Carney
Manulife Canada has deep partnerships in China, notably with Sinochem for life insurance (Manulife-Sinochem) and with Tianjin TEDA for asset management, eventually taking full ownership of its mutual fund arm (Manulife TEDA) in late 2022, expanding its footprint as China opened its financial markets. These collaborations, alongside deals with the Bank of China, highlight Manulife's strategy to grow in Asia's wealth and pension sectors, becoming a leading foreign financial player there.
- Manulife-Sinochem Life Insurance: A long-standing joint venture (JV) where Manulife holds a majority stake (51%), being China's first foreign life insurance JV.
- Manulife TEDA Fund Management: Manulife acquired full control of this asset management JV in late 2022, becoming one of the first foreign firms with a wholly-owned mutual fund business in China.
- Bank of China: A cooperation agreement signed in 2011 aimed at mutual business opportunities, leveraging the growing Sino-Canadian economic ties.
- Wealth & Pension Growth: Manulife is strategically focusing on China's burgeoning personal pension market and wealth management sector, seeing significant profit potential.
- Market Liberalization: These moves capitalize on China's efforts to open its financial industry, allowing greater foreign participation.
Manulife Financial Corporation (French: Financière Manuvie) is a Canadian multinational insurance company and financial services provider headquartered in Toronto, Ontario. The company operates in Canada and Asia as "Manulife" and in the United States primarily through its John Hancock Financial division. As of December 2021, the company employed approximately 38,000 people and had 119,000 agents under contract, and has CA$1.4 trillion in assets under management and administration. Manulife at one point serviced over 26 million customers worldwide.
Manulife is the largest insurance company in Canada and the 28th largest fund manager in the world based on worldwide institutional assets under management (AUM).
Manulife Bank of Canada is a wholly-owned subsidiary of Manulife.
History
Manulife was incorporated as "The Manufacturers Life Insurance Company" by Act of Parliament on June 23, 1887, and was headed by Ontario's lieutenant-governor, Alexander Campbell (there were no conflict-of-interest guidelines at the time and it was not unusual for public persons to be involved in private industry). The idea for the company came from J. B. Carlile, who came to Canada as an agent for The North American Life Assurance Company. It was his firsthand experience on which the new company's product portfolio was based.
Private stock company
The firm was founded as The Manufacturers Life Insurance Company in 1887. By 1890 the company sought to add additional financier support, appointing prominent Toronto businessmen W.G. Gooderham and Edward Roper Curzon Clarkson, whose accounting firm Clarkson Gordon & Co provided the auditing services for the company. The company sold its first policy outside of Canada in Bermuda in 1893, where the company had opened its first auxiliary agency the same year. In 1894, policies were sold in Grenada, Jamaica and Barbados; Trinidad and Tobago, and Haiti in 1895; and British Honduras, British Guiana, China and British Hong Kong in 1897.
In 1901, Manulife amalgamated with the Temperance and General Life Assurance Company. a Toronto-based Canadian life insurer that provided preferred rates to abstainers of alcohol. Manulife continued to offer abstainers rates into the 1920s.[11]
In 1931, it opened its first southern China branch in British Hong Kong. Shortly thereafter, it established itself as a leading life insurer in the region with branches in Macau, Shantou and Amoy.
Mutual company
In 1958, shareholders voted to change its legal form from a joint stock company to a mutual organization, making the company privately owned by its policyholders.
In 1984, Manulife announced that it had acquired Waterloo, Ontario-based Dominion Life Assurance Company, a deal that included the purchase of all of the outstanding stock of the company from Lincoln National. Dominion Life was founded in Waterloo in 1889, and Manulife made a commitment to the community to retain a significant presence in Waterloo. In 1988, Manulife opened a new five-storey office building at 500 King Street North in Waterloo to house its Canadian Division.
In 1996, the company entered an agreement with Sinochem to form Shanghai-based Zhong Hong Life Insurance Co. Ltd., China's first joint venture life insurance company, and was granted a license that made it the second foreign insurer to be allowed re-entry into China. That same year, the company amalgamated with North American Life.
Demutualization and public company
In 1999, its voting eligible policyholders approved demutualization, and the shares of Manulife, the holding company of The Manufacturers Life Insurance Company and its subsidiaries, began trading on The Toronto Stock Exchange (TSX), the New York Stock Exchange (NYSE) and the Philippine Stock Exchange (PSE) under the ticker "MFC", and on The Stock Exchange of Hong Kong (SEHK) under the ticker "945".
_-_Toronto,_Canada.jpg)
In 2002, Manulife–Sinochem Life Insurance Co. Ltd. was granted approval by the China Insurance Regulatory Commission (CIRC) to open a branch office in Guangzhou, China, the first branch license granted to a foreign invested joint–venture life insurance company.
In 2003, Manulife-Sinochem received approval for a branch office in Beijing, the first multiple-branch license granted to a foreign-invested joint venture life insurance company. The firm is now licensed to operate in more than 50 Chinese cities.[21] On September 29, 2003, Manulife announced its intent to acquire the Boston-based insurance company John Hancock Financial (including a Canadian subsidiary, Maritime Life) for $10.4 billion in a stock-for-stock merger.[23] The merged entity would initially be led by John Hancock's CEO David F. D'Alessandro, but he would step down in June 2004.
In 2008, Manulife announced that Gail Cook-Bennett would become the first female chair of the board. Cook-Bennett was the first female board member of the company appointed in 1978.
In September 2009, the company purchased AIC's Canadian retail investment fund business. In October 2009, it purchased Pottruff & Smith Travel Insurance Brokers Inc., a Canadian broker and third party administrator of travel insurance.
In 2010, the company announced that it had purchased Fortis Bank SA/NV's 49% ownership in ABN AMRO TEDA Fund Management Co. Ltd. The new joint venture, Manulife TEDA Fund Management Company Ltd. (Manulife TEDA), provides traditional retail and institutional asset management for clients in China. The other 51 percent is owned by Northern International Trust, part of Tianjin TEDA Investment Holding Co., Ltd. (TEDA).
In June 2012, the company opened Manulife Cambodia, with headquarters in Phnom Penh.
In 2013, Richard DeWolfe became the chair of the company's board, succeeding Gail Cook-Bennett, who retired after serving 34 years on the board. In 2009, Donald Guloien, the chief investment officer, succeeded Dominic D'Alessandro as president and CEO of the company. Shortly before his departure, D'Alessandro modified his retirement package; the restricted units would only vest for a total of $10 million if the shares reached $36 by the end of 2011, and he would receive $5 million if the shares hit $30. This was in response to shareholders' reaction to the first quarterly loss ever posted by the firm in its public history. Under Guloien's leadership, the first initiatives were a dividend cut and an equity offering to bolster Manulife's capital levels, making it difficult for the share price to reach the target levels needed to vest.
In 2014, Manulife Financial simplified its logo and brand to refer to itself only as Manulife outside of the United States. In September of that year, Manulife agreed to acquire the Canadian operations of Standard Life for a fee of around US$3.7 billion.
In April 2015, the company announced a partnership with DBS Bank, providing Manulife exclusive access to DBS customers in Singapore, Hong Kong, mainland China and Indonesia in exchange for an initial payment of US$1.2 billion.
In June 2015, Manulife-Sinochem became the first foreign invested joint-venture life insurance company in China authorized to sell mutual funds.
In April 2016, Manulife became the first Canadian insurance company to offer life insurance to people who are HIV-positive, insuring people who have tested HIV-positive, who are between the ages of 30 and 65, and meet certain other criteria for life insurance policies that would pay up to $2 million upon death.
In May 2016, Manulife US real estate investment trust became a public company via an initial public offering on the Singapore Exchange.
In April 2020, Manulife bought 49% of then privately held Mahindra AMC of India and renamed the JV Mahindra Manulife Investment Management Company.
Governance
President
Manulife has had 14 presidents. Members of Toronto's Gooderham family have run the company for a combined 47 years of its history.
- Sir John A. Macdonald, 1887–1891
- George Gooderham, 1891–1901
- Sir George William Ross, 1901–1914
- William George Gooderham, 1914–1935
- Melville Ross Gooderham, 1935–1951
- James Hector Lithgow, 1951–1956
- George Llewellyn Holmes, 1956–1963
- Alfred Thomas Seedhouse, 1963–1972
- Edwin Sydney Jackson, 1972–1985
- Thomas Anthony Di Giacomo, 1985–1993
- Dominic D'Alessandro, 1994–2009
- Donald A. Guloien, 2009–2017
- Roy Gori, 2017–2025[43]
- Philip James Witherington, 2025–present
Chairman of the Board
The office of chairman of the board was created 1 January 1956 for outgoing president J. H. Lithgow. The first five chairmen had served previously as president. Since 1994, the chairman has been a non-executive post held by an independent director.
- James Hector Lithgow, 1956–1959
- George Llewellyn Holmes, 1964–1971
- Alfred Thomas Seedhouse, 1972–1978
- Edwin Sydney Jackson, 1985–1990
- Thomas Anthony Di Giacomo, 1990–1993
- William R. C. Blundell, 1994–1998
- Arthur R. Sawchuk, 1998–2008
- Gail Cook-Bennett, 2008–2013
- Richard B. DeWolfe, 2013–2018
- John M. Cassaday, 2018–2023
- Donald R. Lindsay, 2023–
Controversies
Failure to disclose information on suspicious transactions (2017)
Manulife paid the $1.15 million penalty levied on its bank subsidiary for failing to disclose information on suspicious transactions. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed the penalty on Manulife Bank of Canada, that the bank failed to file a suspicious transaction report, which was designed under the Proceeds of Crime (Money laundering) and Terrorist Financing Act to detect criminal activity.
Data privacy issues (2023)
In an interview with Go Public, a Manulife insider claimed there were major privacy issues within the company's Canadian banking division that have potentially put thousands of customers at risk.
According to that insider, whose identity wasn't revealed, customers' bank account information and other personal details – millions of names, addresses, account details, social insurance and credit card numbers, birth dates and transactions among other things – could be widely seen in a database with few privacy protections in place – accessed by more than 100 employees and shared with an unknown number of others. Go Public has also obtained an internal Manulife report written in the spring of 2021 that mirrors the insider's concerns. It documents data and privacy issues with that database, which at that point had existed for almost a decade.
Manulife revealed as bank fined $1.15M for violating anti-money laundering reporting rules
Manulife Bank says violations of anti-money laundering regulations were 'administrative lapses'
The head of Canada's financial crime watchdog agency is second-guessing his decision last year to withhold the name of a bank — which CBC Investigates has identified as Manulife Bank of Canada — fined $1.15 million for not reporting hundreds of transactions it was obligated to report under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) received an earful from angry Canadians upset that it wouldn't share the name of the bank — the first in Canada to be penalized under the country's expanded money laundering rules, which were amended in 2002 to include terrorist financing.
He's now promising a review of FINTRAC's penalty policies.
CBC News sources confirmed the case involves Manulife Bank and its failure to report 1,174 international electronic money transfers, 45 cash transactions involving at least $10,000 each, as well as one suspicious transaction.
Manulife Bank is a wholly owned subsidiary of Manulife Financial Corporation, a $47-billion insurance and financial services company. The bank doesn't have physical branches and sells its products primarily through financial advisors.
Manulife Financial issued a brief written statement Monday afternoon calling the infractions "administrative lapses."
"Although we operate at the highest ethical standard, we are capable of administrative errors," wrote Manulife media spokesperson Sean Pasternak.
"They were remedied in the first half of 2014. There is no evidence to suggest that the administrative reporting violations were connected to any financial misconduct. Manulife did not enable or facilitate money laundering."
Secrecy deal?
FINTRAC was first alerted to the problems after auditing the bank's records in 2014 and determining it failed to report a suspicious transaction in 2012 involving Andrew Strempler, who'd run into serious — and high-profile — legal troubles in the U.S.
Originally from Winnipeg, Strempler made headlines that year when he was arrested and imprisoned in the U.S. for running a mail-order pharmacy, contrary to U.S. laws protecting patented drugs.
During the audit, FINTRAC discovered a wide range of other violations at Manulife Bank, including its failure to report 1,174 international wire transfers of $10,000 or more involving other clients, as well as a general lack of anti-money-laundering safeguards and policies.
Manulife Financial CEO Donald Guloien said Monday that the failure to report the transactions resulted from the bank interpreting the rules on what type of transactions have to be reported differently from what the regulator intended.
We took an interpretation [of the regulations] that was clearly wrong … or certainly not the one that FINTRAC wanted us to hold.- Donald Guloien, Manulife Financial CEO
"We took an interpretation that was clearly wrong … or certainly not the one that FINTRAC wanted us to hold, and it was repeated a number of times, which led to this large number [violations], but again these are strictly administrative errors. There's no suggestion whatsoever of any financial misconduct," he said when asked about the violations while attending an event at the Canadian Club in Toronto.
Cossette told CBC News in a written statement he first agreed to keep the bank's name secret because he believed simply announcing the fine would serve as a deterrent to other banks. He also said he approved the secrecy in part because of the bank's co-operation with police in the Strempler case.
Despite promising a policy review, Cossette and FINTRAC still refuse to identify the bank publicly because of "legal constraints." The agency said it "cannot comment" when CBC News asked whether it had signed a secrecy agreement in exchange for Manulife settling the $1.15-million fine without contesting or appealing it.
Cossette declined CBC's request for an on-air interview but did answer questions by email.
'Mickey Mouse' watchdog
Several financial crimes investigators and experts told CBC News that FINTRAC's secrecy and poor enforcement record are giving Canada a reputation as an international laggard.
"I'm in the United States, and they are saying, 'What kind of Mickey Mouse system do you have? We name our large institutions!'" said Garry Clement, a retired 30-year RCMP veteran who now specializes as a financial crimes investigator, trainer and policy adviser.
"I think they [FINTRAC] made a fatal mistake in my own view."
Clement said the secrecy afforded Manulife Bank is especially unusual given that FINTRAC routinely names smaller businesses caught breaking the rules.
"What does that say about our regulator? Like whose pocket are they in? They need to be objective and make sure we treat everybody the same and every business the same," he said.
Clement says a $1.15-million fine isn't substantial enough to injure a major bank, especially if its name is protected.
The Americans actually take a view that financial crime is a serious issue. They are not scared to put people into jail.- Bill Majcher, former Mountie who advises banks in Hong Kong
Bill Majcher, who spent 22 years with the RCMP and now heads a Hong Kong-based firm that advises investment banks on risk and protection against money laundering, bribery and corruption, says Canada is a "poor, poor, poor country cousin in the global fight on financial crime and money laundering."
He called Canadian regulators — at FINTRAC and the Department of Justice — bureaucrats who lack policing or enforcement expertise.
According to FINTRAC's website, Cossette was a career public servant who began as a diplomat and served in Foreign Affairs, the Privy Council Office and the Treasury Board. It lists no experience in enforcement or any work in the financial industries.
"The Americans actually take a view that financial crime is a serious issue," said Majcher. "They are not scared to put people into jail."
Majcher says U.S. bank regulators frequently issue orders and levy huge fines and always publicly name institutions caught breaking the law — including Canadian firms:
In November 2015, the U.S. Federal Reserve and New York State Department of State publicly sanctioned Bank of Nova Scotia and ordered it to clean up its internal anti-money-laundering controls.
In September 2013, U.S. authorities fined TD Bank $37.5 million for failing to report suspicious transactions tied to a Ponzi scheme, even though the bank's internal systems had flagged the transactions.
In April 2013, Chicago-based BMO subsidiary, BMO Harris Bank, was publicly sanctioned and ordered to beef up its anti-money-laundering controls.
Lack of progress
A September 2016 report from the Financial Action Task Force (FATF), a 37-member inter-governmental body including Canada, the U.S. and most major financial centres in Europe and Asia, was highly critical of Canada's efforts to fight money laundering.
Canada amended its money laundering legislation in the wake of the 9/11 terrorist attacks in the U.S. to include terrorist financing. The overhaul included the expansion of the reporting obligations of banks and other financial entities and greater powers for FINTRAC to collect information and to share it with other government agencies.
But while FATF noted the improvements made in the past decade, it concluded that Canadian police lack expertise and resources to conduct complex financial investigations and that there are gaping holes in the country's anti-money-laundering regime.
FATF's findings echoed those of a 2013 Canadian Senate committee report entitled, "Follow the Money: Is Canada making progress in combating money laundering and terrorist financing? Not really."
That report called for stronger leadership, supervision and expertise for police and regulators.
Indeed, Power Corp.'s first real breakthrough didn't come until 1986. The company wanted to invest money in China, but it was nervous that another revolution might wipe out its investment. Thanks to the ties that it had worked at establishing, it was able to arrange a meeting with Deng Xiaoping, then the leader of the Communist Party of China, through CITIC, a state-owned investment firm 'owned' by Li Ka Shing.
Years after former Canadian prime minister Pierre Trudeau went out on a limb and established diplomatic relations with Chinese Chairman Mao Tse-tung's regime, he got busy. Under Pierre Trudeau Ottawa had effectively built Canadian corporations a bridge into opportunities. Trudeau didn't understand why more of them weren't crossing it.
He reached out to Paul Desmarais Sr., who was the chief executive officer of Montreal-based Power Corp. at the time.
"My father said 'You know what, you're right. You have led the way and we're going to follow behind you,'" Andre Desmarais, the current CEO of Power Corp., recounts. "That's what led him to set up his first mission there, and I was lucky enough to be his executive assistant, so I was on that trip and had the fun of preparing it with some other 'Power' executives and others."
The year was 1978, and a who's who of Canadian business wound up making the trek, including Ian Sinclair, then the CEO of Canadian Pacific Ltd., David Culver, the head of Alcan, Robert Scrivener of Nortel, Cedric Ritchie, the CEO of Bank of Nova Scotia, and Petro-Canada CEO Wilbert Hopper.
The groundbreaking trade mission led to the creation of the Canada China Business Council, and promises to dramatically boost the amount of business that Canada did with China.
"That was a very fortuitous thing as it turned out, because it ended up being the first really senior trade delegation ever going there from any country," Mr. Desmarais says.
The relationships that Canada forged in the 1970s gave this country's corporations a head-start in what is now a full-on sprint to do business in China. But, as any company that has sought to enter the Chinese market can appreciate, the road was far from smooth.
"We suggested to them that what they should do is buy a plant in Canada - a pulp mill, a business that they need, a business that they knew," Mr. Desmarais says. "Then we would invest the same amount of money in China…
"The idea was that if there was a revolution in Canada, they could take our assets in China, and if there was a revolution in China, we could take their assets in Canada."
It's a tripartite lesson that many business people have learned: to succeed in China, relationships, patience and trust are paramount.
Following those talks, CITIC made its largest investment to date outside of China, buying a half-interest in a pulp mill in Castlegar, B.C., in a joint venture with Power Consolidated (China) Pulp.
The investment was a major breakthrough for Power Corp., and marked the beginning of a series of deals that each turned a profit, but the company learned lessons along the way.
"I went back so discouraged so many times you wouldn't believe it," Mr. Desmarais says.
In the early days, the company was offered the chance to buy a piece of land right next to the Forbidden City. Chinese officials were adamant that it had a bright future. "This was 1978, we said, 'It will be at least 50 years before that will ever happen.' Well, we couldn't have been more wrong," Mr. Desmarais says.
When Power Corp. had the chance to team up with CITIC and develop a plot of industrial real estate in Pudong, it took it.
"One of the things that I've learned about China is be very very careful, because there are a million arguments about why they can't do something," Mr. Desmarais says. "For many years I doubted them a lot, saying 'There's no way they can achieve these plans at the speed at which they're able to achieve them.' But I think I've found, with the history of having to be able to go so often, that they have a fantastic planning system, they have tremendous determination to achieve their goals."
These are lessons that Power Corp. has been able to impart to other Canadian businesses. Over the years, it has paired up with a number of companies to smooth their entry into China - and make money, by selling its investment in the ventures to the other firm once the project is established.
For instance, Power Corp. partnered with Bombardier Inc. on its original train deal in China, Mr. Desmarais noted. The companies worked together to win the contract. Bombardier then built the trains and bought out Power Corp.'s stake in the joint venture that the two firms had established with China National Railway Locomotive and Rolling Stock Industry Corporation.
"It took some time, I don't think we saw any significant business until four or five years ago, so it required a lot of patience," says Pierre Beaudoin, CEO of Bombardier Inc. "Because we believed in the long-term growth potential, we invested a lot to build relationships there."
For Bombardier's businesses, China is the country where Mr. Beaudoin sees the most growth potential of any in the world. And that means that Bombardier's relationship with the Chinese government is of the utmost priority, because items such as trains and planes are largely bought by state-owned companies.
"In many ways in China it is very clear who is the customer," Mr. Beaudoin says. "It is a communist country, the government does centrally control decisions."
While that might have been self-evident to Bombardier, not everything was.
"The challenge is understand, understand, understand," adds Jianwei Zhang, the president of Bombardier China. "Be clear. Understand the needs of the customer, understand the Chinese needs."
He recalls being asked by a Chinese customer why there wasn't a return clause in the contract for a train, enabling that customer to return the train to Bombardier if something was wrong with it. "For them it was very difficult to understand that you can't return a train," he says. "In practice, it's impossible. If there's a problem then you correct it, but how do you return a train?"
Another anecdote: a few years ago Bombardier executives were ready to sign a contract that had been under negotiation for several weeks. Just before the signing ceremony was scheduled to take place, they stumbled upon the realization that the two sides had different understandings of when the delivery date would be. The problem stemmed from a mistranslation of the English word "shipment." Bombardier's negotiating team thought that referred to the delivery from its facility to the port, while the Chinese translation was that the trains were put on the ship to China at that time. They had to renegotiate.
There are other hurdles. Chinese companies in a number of industries have quickly learned from their foreign competitors, and they are increasingly forces to be reckoned with. Bombardier's main competitor in China is now a Chinese firm. It can deliver an order in months, not years, and has lower costs, by cutting corners.
Bombardier has more than 4,000 employees in China now, and by and large it requires them to understand both Chinese and English. As a result, its labour costs are higher than its Chinese competitor.
But the immensity of the Chinese market means there's enough business to go around. And for all of the energy that they've poured into China, Canadian companies are starting to reap rewards.
Nevertheless, most still describe their ventures in the country as investments for the next generation.
"China is a long-term play for us," says Bob Cook, who heads up the Asian business of Manulife Financial, which has made tremendous inroads in China's insurance and wealth management industries. "The contribution to the bottom line is not going to be huge in the next few years, but I think our shareholders know that. I think they know that what we're trying to do here is lay a foundation."
Manulife broke into China in the mid-'90s, and worked to hard to promote the still-relatively-foreign concept of life insurance. Manulife-Sinochem Life Insurance Co. Ltd. is the first Chinese-foreign joint venture life insurance company established in China. Former Chinese premier Li Peng and former Canadian prime minister Jean Chrétien attended an opening ceremony for the company in 1996.
Manulife executives quickly learned that while labour might be abundant in China, professionals who could work in the life insurance business were not.
When Mr. Cook came to Asia, he says "I told my colleagues back in North America, 'You guys are engaged in a mild skirmish for talent, the real war is going on out here in Asia.'"
What Manulife realized it had in its back pocket were employees with a Chinese cultural background who happened to be living in eight different countries. It was also able to move some sales people from its operation in Taiwan to China, taking advantage of their language skills.
"Long term, in order to feed the ongoing growth of the business, you have to be able to develop local talent," Mr. Cook says. It's a sentiment shared by Bombardier, which invests a significant amount of money and resources into training Chinese staff.
Manulife-Sinochem is now in more than 40 cities, but it's been tough slogging. "In places like India or elsewhere in Asia, you can get a national licence and expand at the pace you want," Mr. Cook says. "One of the business challenges we've had in China is that you have to secure licences on a province-by-province and then city-by-city basis. That means you don't just establish and work with one regulator in Beijing, you're working with regulators throughout the entire country."
Canadian executives say that Ottawa's relationship with Beijing is crucial. "We love it when there's things like the Minister of Finance comes over to visit, because that often is just the last little push we need to get the approval in order to expand our business," Mr. Cook says.
In March of this year, Manulife bought a 49 per cent stake in what is now called Manulife TEDA Fund Management Co., an asset management firm. For Mr. Cook, that deal is the most exciting thing that Manulife has accomplished in China thus far.
"The reason we won is because of the investment we've been making over the last 15 years in partner-relations and in government-relations," he says. "We paid a full and fair price, but price alone was not why we won the deal. It was the investment we had made in relationships in China that we were able to leverage in order to get this deal."
Marc Sterling, who was hired by Manulife 17 years ago to get the company into China and who is now the chairman of Manulife-Sinochem Life Insurance Co., says the realization that Manulife had made it in China dawned on him about three years ago.
That's when Chinese officials allowed Mr. Sterling to take a four-hour drive with a police escort - and sirens wailing - to the Wolong Panda Reserve, where he and his family were allowed to play with six giant pandas.
Brookfield/Manulife-Sinochem
Manulife Investment Management's use of Brookfield Asset Management (BAM) is a sub-advisor for certain infrastructure funds, like the popular Manulife Global Listed Infrastructure Fund (MGLIF), leveraging BAM's expertise in owning and operating global infrastructure assets to provide long-term growth and income for Manulife clients. Brookfield Investment Management (BIM), part of BAM, manages these specific infrastructure mandates within Manulife's product offerings, offering investors access to diversified infrastructure portfolios.
Mark Carney, Canada's Prime Minister, Brookfield Asset Management [BAM]
COO of BAM, Justin Beber
Key Aspects:
Partnership: Manulife Investment Management partners with Brookfield Investment Management to manage specific investment mandates.
- Focus: These funds specialize in global listed infrastructure, investing in sectors like utilities, energy, transportation (airports, pipelines), and telecommunications, all with a special focus on China.
- Benefits: Investors gain exposure to diversified, essential infrastructure assets, potentially offering stable income and growth, as seen in the Manulife Global Listed Infrastructure Fund.
- Management: Brookfield Investment Management (BIM) handles the day-to-day investment decisions for these particular funds, drawing on their deep sector knowledge.
No comments:
Post a Comment
Comments always welcome!