Reports
Manulife's Wealth, Asset Management Arm Pulls In Rising Inflow
The wealth management part of the Hong Kong-based group contributed strongly to the overall firm's bottom line in 2019.
The Manulife group of
companies operating in Hong Kong said that its wealth and asset
management chalked up a 13 per cent year-on-year rise in gross
flows of HK$37.2 billion ($4.79 billion) in 2019. In the fourth
quarter of last year, flows were HK$10.4 billion, rising by 29
per cent on a year earlier.
"We are pleased to report record results for full-year 2019,"
said Damien Green, chief executive officer of Manulife Hong Kong.
"Since the second quarter, we have been a front-runner in the
tax-deductible solutions market. Demand for these health
protection and retirement savings plans has been consistently
strong,” he continued.
Across the firm as a whole, core earnings were HK$5.8 billion in 2019, rising by 26 per cent from 2018, and HK$1.6 billion in Q419, up by 31 per cent from Q418
Over the fourth quarter, Manulife said it boosted its product portfolio with new health and retirement solutions including ManuLeisure Deferred Annuity (ManuLeisure), a tax-deductible QDAP. ManuLeisure is developed with young and middle-aged pre-retirees in mind.
WAM gross flows in the fourth quarter of 2019 were driven by mutual fund growth in Manulife's retail business.
