Canada’s Manulife Financial Corp moved closer toward 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.
Manulife, Canada’s largest life insurer, is seeking to bolster its presence in China’s $3.8 trillion funds market, which grew 27% in 2021 and is forecast by consultancy McKinsey to more than double by 2025.
