The Canada-headquartered firm has pushed into the China market, hailing a recent widening of investment freedoms in the country.

Manulife Asset Management has launched a wholly-owned investment business in Shanghai. The Canadian firm also praised China’s steps to raise limits on foreign ownership in the finance sector, media reports said.

A week ago, Beijing said it intended to life the limit on foreign ownership in joint-venture firms involved in the futures, securities and mutual funds business to 51 per cent from 49 per cent. And this restriction will be scrapped completely in three years, a report by Reuters said. 

The newswire quoted Manulife senior managing director James Chen as saying the firm was “very excited” about Beijing’s plans to allow foreign control in a China mutual fund company.
“Of course we like this flexibility (of foreign ownership),” Chen, Asia head of institutional business, was quoted as telling journalists.

“However, for us, we have an extremely good relationship with TEDA ... and we will continue to maintain this extremely good working relationship,” Chen said, referring to the Chinese partner of its 49 per cent-owned Chinese joint venture, Manulife TEDA Fund Management Co.

As the report said, a rising number of foreign asset managers, including Fidelity, UBS Asset Management, Aberdeen Asset Management, Bridgewater Associates and Vanguard have recently set up wholly foreign-owned enterprises in China.

Earlier this year, Manulife AM pushed into the Philippines market, eyeing that country's economic potential.