Manulife Financial To Buy Minority Stake in Chinese Fund Management Firm for US$156 Million

Manulife Financial Corp. announced that is has signed an agreement with Fortis Bank SA to acquire a 49% stake in ABN Amro TEDA Fund Management Co., a China-based asset-management firm, for a purchase price of US$156 million. Teda Fund Management is the investment arm of the City of Tianjin and Fortis is a division of BNP Paribas. The new joint venture will be called Manulife TEDA Fund Management Co. Ltd.