They’re managing for Manulife
MFC Global serves as the investment management arm of Manulife Financial Corporation, supervising investments that include corporate and government bonds, equities, private placements, mortgages and more. The subsidiary also makes sure it covers its bases globally, with offices around the world and approximately $250 billion in assets under management as of June 30, 2009. It claims to manage “one of the broadest ranges of investments” in the industry with more than 300 portfolio managers, analysts and traders at the helm. And indeed, the firm has investment offices not only in North America but also throughout Europe as well as in Japan, Hong Kong, Taiwan, China, Malaysia, Indonesia, Philippines, Singapore, Vietnam and Thailand.
Although MFC Global has had approximately a century of experience managing assets of the Manufacturers Life Insurance Company, the firm only recently took a turn for true Goliath status in the industry in April 2004 when it grew almost twofold following the merger of Manulife Financial and John Hancock Financial Services. MFC seems to show no signs of losing steam either. By June 30, 2009, assets allocation managed by the company has reached about $46 billion.
Meet the parent
Parent company Manulife Financial is the world’s fourth-largest life insurance company and the first in Canada. It employs some 45,000 employees and agents across 22 countries and territories worldwide. Funds under management by Manulife and its subsidiaries amounted to C$421 billion ($409 billion) as of June 30, 2009.
Manulife Financial has also become Canada’s second-largest travel insurer, next to RBC Insurance, with the buyout of Ontario-based Pottruff & Smith, one of Canada’s largest travel insurance brokers and third-party administrators, in October 2009. This acquisition followed the company’s acquisition of AIC Ltd's Canadian retail investment fund business in August which gave Manulife’s mutual fund arm an edge in another big-player takeover of an independent fund company. These acquisitions are part of erstwhile CEO Donald Guloien’s strategic plan of acquiring assets in the United States and Canada.
As of July 31, 2009, Manulife’s market capitalization reached $39 billion, making it one of the largest insurance companies in the world. It also boasts specific reserves for segregated funds and variable annuity guarantees exceeding $3 billion as of June 30, 2009. Amid the unstable economic climate, Manulife stays strongly secured and steadfastly self-funded with enough cash flow. It consistently retains a high level of cash and high-grade, short-term assets totaling some $17 billion as of June 30, 2009.
101 Huntington Avenue
Boston, MA 02199
Phone: (617) 375-1616
Employer Type: Public
President & CEO: Jean-Francois Courville