This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Manulife Financial to Purchase Fund Management Joint Venture in China 2009-11-23 17:01 ET - News Release /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ TSX/NYSE/PSE:MFC SEHK:945 TORONTO, Nov. 23 /CNW/ - Manulife Financial announced that it has signed an agreement to purchase Fortis Bank SA/NV's(1) 49 per cent ownership in ABN AMRO TEDA Fund Management Co., Ltd. for cash purchase consideration of (euro)105 million (US$156 million)(2). The acquisition is expected to be accretive to Manulife Financial earnings in the first year and have a negligible impact on capital levels. The agreement is subject to regulatory approval and is expected to close in the first quarter of 2010. The new joint venture, which will be called Manulife TEDA Fund Management Company Ltd., will provide traditional retail and institutional asset management across the Chinese market. While Manulife TEDA Fund Management Company Ltd. plans to maintain and grow its existing platform of high quality asset management products, over time it also plans to seek regulatory approval for expanding its lines of business as and when permitted by CSRC (China Securities Regulatory Commission) and other relevant bodies. Manulife continues to build upon its broad range of wealth management and pension solutions to serve its large, growing international customer base. The remainder is available to Stockwatch subscribers.
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