KUALA LUMPUR: Manulife Holdings Bhd today announced the successful completion of the merger between its wholly-owned subsidiaries MAAKL Mutual Bhd (MAAKL) and Manulife Asset Management Services Bhd (MAMSB).
In a statement today, Manulife said the merger followed Manulife’s acquisition of MAAKL last year and marked the full consolidation of both companies into a single entity, which will retain the MAMSB name.
Manulife Holdings Group chief executive officer Mark O’ Dell said the completion of the merger was the final milestone of MAAKL's acquisition.
"With this, we expect to reap the twin-benefits of having the expertise of global asset management with local knowledge and an enhanced presence in Malaysia.
"We are optimistic MAMSB will develop into a significant player in the unit trust sector in Malaysia," he added.
This merger welcomes more than 1,300 professional unit trust advisers under the Manulife umbrella and expands MAMSB's range of unit trust funds to 42, of which 22 are approved for the Employees Provident Fund Members’ Investment Scheme.
Twelve of the 42 funds are Islamic funds and six are private retirement scheme funds.
The merger will also significantly improve the scale of Manulife's unit trust business in Malaysia, confirming MAMSB as one of the top 10 largest private unit trust management companies in Malaysia.-- Bernama