HONG KONG, March 5, 2021 /PRNewswire/ -- Manulife Investment Management today announced the appointment of Adrian Chen as Head of Wealth and Asset Management, China, which was effective 1 March 2021. In this newly-created role, Adrian will spearhead the continued growth of the firm's wealth and asset management business in China by focusing on three large areas of opportunity, including the domestic fund business, distribution of offshore solutions to Chinese institutional and retail investors, as well as the fast-growing retirement market.
Paul Lorentz, President & CEO, Global Wealth and Asset Management, said, "China is an extremely important market for our global wealth and asset management business. Following the establishment of our Wholly Foreign Owned Enterprise (WFOE) in 2017 and our investment in private equity specialist Albamen last year, we have been strengthening our team in China. We are well-poised to capitalise on market opportunities together with our joint-venture fund house and the wealth business with our insurance company."
Manulife Investment Management operates with a sizable footprint in China's wealth and asset management industry. The firm has a 49%-owned joint venture fund house, Manulife TEDA Fund Management Co. Ltd, based in Beijing which contributes significantly to our wealth and asset management firm's mutual fund flows in Asia. Manulife Investment (Shanghai) Limited Company, the firm's WFOE based in Shanghai, houses its China institutional sales team that features growing investment management talent base.
Last year, Manulife Investment Management also acquired stake in Albamen Capital Partners, a private equity infrastructure investment manager with a focus on renewable energy, data centers and other energy related infrastructure assets in China. In addition, Manulife also runs a majority-owned joint venture, Manulife-Sinochem Life Insurance Co. Ltd, which was the first foreign invested joint venture life insurer to sell mutual funds in China.
To capture growth opportunities in the fast-developing China pension market, Manulife Investment Management has partnered with Agricultural Bank of China who has since become a leading distributor of the firm's retail pension mutual funds managed by Manulife TEDA.
Commenting on the latest appointment, Michael Dommermuth, Head of Wealth and Asset Management, Asia, said, "We are excited that with Adrian's appointment, we are best positioned to accelerate our growth agenda in China by synergising our existing capabilities in retail, institutional and pension across both public and private asset classes."
With the forthcoming implementation of the Wealth Management Connect scheme, the Greater Bay Area represents another looming opportunity with an access to a large, financially accomplished investor base. Michael added, "Manulife Investment Management has a strong track record in managing assets for investors looking for cross-border opportunities. We today manage a significant amount of China fixed income and equity assets through our local fund house, the Qualified Foreign Institutional Investor (QFII) quota, Bond Connect and Stock Connect. We are also one of the region's largest investors in Asia fixed income strategies, of which, China is an important component of those strategies."
As Head of Wealth and Asset Management, China, Adrian will be focusing on drawing growth synergies from our existing footprint within China. He will oversee the daily operations of our WFOE, and work closely with our retirement business team and the Manulife-Sinochem team to capitalise on opportunities in China's pension and retail wealth market.
Adrian Chen, Head of Wealth and Asset Management, China, said, "I'm very pleased to be joining the Manulife Investment Management team at this exciting juncture of the high-growth China market. I look forward to working closely with our many entities in China, and also bringing to bear our strong global and Asian resources."
Adrian will be based in Shanghai and will report to Michael Dommermuth. He joins Manulife Investment Management from UBS where his latest roles were General Manager and Legal Representative of UBS Ruihua and UBS Asset Management. During his 13-year stint with UBS, Adrian has also been responsible for a number of different functions, including wealth management business, wholesale distribution, business development, among other functions. Adrian holds a Master of Economics and Bachelor of Economics from Fudan University.
About Manulife Investment Management
Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 17 countries and territories. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. As of December 31, 2020, Manulife Investment Management had CAD$966 billion (US$758 billion) in assets under management and administration. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
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