Manulife is expanding its footprint in the Asia Pacific region with the latest move, seeing it pursue the growing middle class wealth in the Philippines.
In a press release, Manulife said that its asset management and trust corporation (MAM) have received the approval to engage in trust and other fiduciary business in the Philippines from the Bangko Sentral ng Pilipinas (BSP), becoming the first corporation backed by the resources of a multinational financial services group in Philippines, following the recent liberalization measures initiated by the BSP.
Aira Gaspar, chief investment officer at Manulife Philippines, has been appointed CEO of the new MAM, following her success in growing the company’s asset management. MAM will aim to leverage its global investment capabilities to offer solutions to clients in the Philippines.
Head of wealth and asset management, Asia, for Manulife, Michael Dommermuth said, "The Philippines is a promising market for the asset management industry given the rapid growth of the middle class population.”