Manulife’s trust company rolls out three new UITFs
MANULIFE ASSET Management and Trust Corp. has rolled out three unit investment trust fund (UITF) facilities to Filipino clients, in line with the global insurer’s expansion strategy across Asia which they see as the next growth hub.
Manulife’s newly created trust company yesterday announced three UITF instruments which they will offer to clients looking for pure investments, which is a departure from the insurance business of the Canadian firm.
To be offered are two bondbased instruments called the Manulife Stable Income Fund, which invests on debt papers maturing up to three years; and an Income Builder Fund which will invest on long- term notes composed of government securities and “high-quality” corporate debt papers.
Meanwhile, the Manulife Equity Wealth Fund will place funds on shares of listed firms at the Philippine Stock Exchange. Clients may start with a minimum investment of P5,000.
Michale Dommermuth, executive vice-president and head of Manulife’s Wealth and Asset Management in Asia, said the creation of the trust subsidiary in the Philippines completes Manulife’s strategic expansion across Southeast Asia.
“We are investing very, very heavily within ASEAN… Our view is that ASEAN will be among the fastest growing regions in the world,” Mr. Dommermuth said in a press briefing yesterday at the Discovery Primea in Makati.
“We see the Philippines as one of the fastest-growing asset management markets within the region. We see it as a $30 billion opportunity that we would expect to grow at a rate of 12-13% going forward.”
Manulife’s parent firm in the Philippines booked P2.454 billion in net income in 2016, according to industry data. It has been operating in the country for 110 years, supported by a total of $780 billion assets under management globally.
Ryan Charland, president and chief executive officer of Manulife Philippines, said some “five to six” new investment platforms are also being prepared by Manulife Asset Management but are yet to secure regulatory approvals. He added that these would include options for a balanced or dynamic fund.
The UITFs are regulated by the Bangko Sentral ng Pilipinas, which also gave Manulife the authority to engage in the trust business last June. •