Manulife reports higher third-party AUM

graph upManulife, the Canadian financial company that is buying the local operations of Standard Life, reports that assets under management (AUM) in its asset management arm reached C$309 billion (€218 billion) after what it calls a strong year of sales. Manulife Asset Management saw year-to-date direct institutional gross sales at September 30 reach C$5.9 billion. Within its AUM mix, there was a “record” C$266 billion managed for external clients, says Kai R. Sotorp, president and chief executive, who in July was appointed to lead the firm. Manulife has a seen an appetite for offshore securities and multi-asset investments strategies, says Michael Dommermuth, head of wealth and asset management Asia. “We expect this trend to continue as individuals and institutions in the region increasingly look beyond their home markets for opportunities to generate investment returns and meet specific needs such as generating a recurring income stream,” he says. Asia net sales from institutional and sub-advisory clients globally, including large sovereign wealth funds, exceeded $2 billion. In the third quarter, Manulife announced that it had entered into agreement to acquire the Canadian operations of Standard Life plc. The transaction is anticipated to close Q1 2015. Manulife has it principal operations in Canada, the US and Asia, and one of its investment offices in UK. ©2014 funds europe

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