Manulife (International) Limited (“Manulife”) and Standard Chartered Bank (Hong Kong) Limited (“Standard Chartered”) have entered into a 15-year distribution partnership. Effective November 1, 2016, Manulife’s MPF products are distributed through Standard Chartered’s branches in Hong Kong.
The strategic partnership signifies a long-term alliance between the two institutions aimed at offering quality MPF products managed by Manulife to Standard Chartered's customers through the bank's extensive distribution network. As a result, both firms will bolster their investment and wealth management businesses by combining strengths in distribution reach, product offerings, investment expertise and technology platforms in Hong Kong, one of their largest Asian markets.
The new partnership further reinforces Manulife’s leadership position in the MPF market where it plays an indispensable role in promoting industry growth and development. Manulife is the largest MPF scheme sponsor, in terms of market share of total MPF assets by scheme sponsor1 and the top MPF provider as measured by its estimated net fund inflows for the fourth quarter of 20191.
Standard Chartered, which ranks amongst Hong Kong’s longest-standing banks and one of three note-issuing banks, is committed to accelerating its growth in the MPF business and broadening its total banking relationship with both individual and corporate customer segments through a comprehensive offering of products and services. The partnership is an equally important milestone in Standard Chartered’s ongoing investment in its MPF business, and will be instrumental to positioning the Bank as a leading global bank in wealth management with a continued commitment to strengthening its customer relationships.
Both individual and corporate customers of Standard Chartered will now benefit from a more comprehensive range of retirement services, including access to a wider choice of MPF funds and professional advice via Standard Chartered’s newly expanded MPF Specialist Team stationed at a growing number of designated bank branches in Hong Kong.
1 Source: “Mercer MPF Market Shares Report” as of December 31, 2019 by Mercer (Hong Kong) Limited, in terms of market share of total MPF assets by scheme sponsor.