The two financial institutions are taking aim at Hong Kong's investments market with a 15-year partnership agreement.

Standard Chartered and financial services firm Manulife have entered a 15-year distribution partnership that gives the latter firm exclusive rights to offer its Mandatory Provident Fund to the bank’s customers in Hong Kong.  

As part of the arrangement, Manulife will acquire Standard Chartered’s existing MPF and occupational retirement schemes ordinance businesses, and the related investment management entity, a statement from Standard Chartered said.

The UK-listed bank, which earns the bulk of its revenues in Asia and Africa, said the partnership boosts its status as a distributor of wealth management products in Hong Kong.

“It [the agreement] is a further step in executing on our global wealth strategy, to leverage our strong franchise and distribution network to deliver quality wealth solutions to our clients,” Judy Hsu, group head, wealth management at Standard Chartered, said.

The transaction is expected to close in the first half of 2016, subject to the receipt of relevant regulatory approvals. Financial terms of the transaction were not disclosed.

Among recent developments, in July, Manulife (Singapore), part of Canada-based Manulife, appointed a chief product officer and chief marketing officer. Carlos Vazquez was appointed chief product officer of Manulife Singapore and oversees product management and pricing. He has 20 years of global experience, having lived and worked in six different countries, and is a 10-year veteran of Manulife. A few days ago, Standard Chartered named a new CEO for its Singapore business (see here). 

To view recent results from Manulife, see here.