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    Tuesday, November 24, 2009

    Manulife Asset Buys Out Fortis Stake In China Fund

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    By V. Phani Kumar
    MarketWatch Pulse
       

      HONG KONG -- Manulife Asset Management Hong Kong Ltd. said Tuesday it has signed an agreement to buy Fortis Bank SA's stake in a fund for 105 million euros ($157 million) to gain a "fast-track entry" into the Chinese asset-management industry. Manulife said the cash deal for Fortis' 49% stake in ABN Amro Teda Fund Management Co. will be earnings accretive in the first year and will have a "negligible" impact on its capital. ABN Amro Teda will be renamed Manulife Teda following the deal, which is subject to regulatory approval and is expected to close in the first quarter of 2010.

      Copyright © 2009 MarketWatch, Inc.

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