Following the sale of its Canadian business to a subsidiary of Manulife Financial Corporation, Standard Life Investments (SLI) has entered into a new global collaboration agreement with Manulife for the distribution of SLI funds into Canada, the US and Asia.
This is expected to more than treble Standard Life Investments’ assets under management distributed by Manulife within three years (H1 2014: GBP3.3bn), and deepen its existing relationship with John Hancock, the US unit of Manulife.
Following completion of the sale, Standard Life Investments’ Boston office will become a hub for its entire North American business, and a new dedicated office in Toronto is planned to continue serving Standard Life Investments’ institutional clients locally.
Keith Skeoch, chief executive of Standard Life Investments, says: “The sale and new global collaboration agreement represent the next chapter in Standard Life Investments’ continuing growth story.
“The sale will create new opportunities at Standard Life Investments, as we enter into a global collaboration agreement with Manulife, who intend to distribute our funds into Canada, the US and Asia’s retail markets. We will reciprocate by distributing their funds into the UK retail market. It will also deepen our distribution capability with John Hancock in the US and strengthen our profit margin and therefore our ability to reinvest in our business.”