Principal Weighs Selling Hong Kong Pension Business, Sources Say [Business News Network (BNN) (Canada)]
Manulife Financial Corporation (MFC)
Last manulife financial corporation earnings: 2/12 05:00 pm
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Source: Business News Network
The company is working with an adviser to sound out preliminary interest in the assets, the people said, asking not to be identified because the matter is private. A sale could fetch a few hundred million dollars, and attract interest from insurers and banks seeking to expand in the Asian financial hub, the people said. Deliberations are at an early stage, no final decisions have been made and Principal could still decide against pursuing a deal, the people said. A representative for Principal declined to comment. Hong Kong's so-called mandatory provident funds system lost about HK$176.8 billion ($22.5 billion) in the year to the end of August, walloped by China's industry crackdowns and Covid Zero policy, according to researcher MPF Ratings Ltd. Chinese and local equities are the biggest asset class in the MPF system. Principal, based in Des Moines, Iowa, traces its roots back more than 140 years and counts about $632 billion in assets under management as of the end of June, a
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MFC
Earnings
- 2/14/24 - Beat
MFC
Sec Filings
- 3/25/24 - Form 6-K
- 3/22/24 - Form 6-K
- 2/28/24 - Form S-8
- MFC's page on the SEC website