Manulife, Kotak enter distribution pact for fund mgmt biz

NEW DELHI: Kotak Mahindra said it will collaborate with Canadian entity Manulife Asset Management on fund management activities and related distribution opportunities in Asia.

"Manulife Asset Management (Hong Kong) Ltd and Kotak Mahindra (UK) Ltd have agreed to collaborate with respect to fund management and distribution opportunities in Asia," the companies said in a joint statement.

Under the arrangement, Kotak will get access to Manulife's Asian and global investment capabilities. It will also create cross-distribution opportunities for both companies in the institutional and retail wealth management arenas.

"Kotak is one of India's premiere wealth and asset management companies. Manulife has market-leading insurance and investment businesses in Greater China and across the ASEAN region," Manulife Executive Vice-President & General Manager, South East Asia Operations, Philip Hampden-Smith said.

Upon completion of final agreements and subject to necessary regulatory approvals, Manulife's investment management division, MFC Global Investment Management, will also collaborate with Kotak in Indian markets.

MFC Global Investment Management currently manages assets worth over $ 33 bn in Asia. Kotak manages over $10 bn worth of assets under its management and advisory business.