Manulife Financial Corp. moved a step closer to taking full control of its funds joint venture in China after regulators there accepted an application for the ownership change, two sources with knowledge of the matter told Reuters.
The Canadian insurer’s move shows how foreign companies are positioning themselves in China as it opens up its financial services sector - from investment banking to insurance - worth trillions of dollars to international competition. Spokespersons at Manulife Investment Management and Manulife Teda Fund Management declined to comment.The official acceptance of Manulife’s application by the China Securities Regulatory Commission means the Canadian company is “a step closer” to taking full control of the venture and approval could come soon, one of the sources said.A CSRC public disclosure made on May 22 shows it has decided on “whether or not to accept” an application from Manulife Teda to change more than 5% ownership.