Manulife Asset Management, the global asset management arm of Manulife Financial Corporation (MFC), acquired the assets of Milwaukee based investment adviser Optique Capital Management. The acquisition closed on February 11, 2011.
A new equity team, based in Milwaukee will be formed with eight members of Optique Capital joining Manulife Asset Management.
At the end of the fourth quarter, assets managed for external clients by Manulife Asset Management and its affiliates totaled $182 billion, increased by $65 billion from the end of the third quarter of 2010. The company’s asset base will increase with the addition of Optique’s portfolio. Optique’s mutual fund and separate account assets under management totaled $800 million as on December 2010 end.
During 2010, Manulife Asset Management remained focused on strengthening its business. It also made considerable progress in China. It added Manulife TEDA joint venture in China and launched two QFII funds, allowing foreign investors access to the Chinese market.
Recently, Manulife reported its fourth-quarter 2010 adjusted operating earnings of 59 cents per share, lower than 47 cents reported in the prior-year quarter. The Zacks Consensus Estimate for first-quarter 2011 is 38 cents. For full years 2011 and 2012, the Zacks Consensus Estimates are, respectively, $1.67 per share and $1.80 per share.
Manulife’s strong franchise in Asian markets, solid wealth management, pension, and other products offered in the United States and Canada and repositioning of business will help it to post better results in the upcoming quarters.
The quantitative Zacks #3 Rank (short-term Hold rating) for the company indicates no clear directional pressure on the shares over the near term.
Headquartered in Toronto, Canada, Manulife Financial operates as a life insurance company. The company also offers reinsurance services. The company functions as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States. The company competes with MetLife Inc. (MET).
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