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Manulife Financial enters the managed account business with Manulife Private Account --Manulife joins forces with Citigroup Asset Management to offer a multi-style, separately managed account-- Boston – Building on its expertise in distribution, investment due diligence and marketing, Manulife Financial announced today its entrance into the managed account business. Manulife Private Account is a multi-style, separately managed account with access to leading investment managers that delivers personalized wealth management strategies in one core account. With a minimum investment of $100,000, Manulife Private Account targets affluent clients who are looking for a higher level of personalized service as well as better wealth and tax management solutions. Manulife Financial is the first insurance company to enter the multi-style, managed account market as well as the first to offer this type of product in the financial planner channel. Generally, separately managed accounts require investors to open numerous asset management agreements to access different styles and managers, in pursuit of effective diversification. With Manulife Private Account, clients receive the advantages of a range of investment disciplines and styles in one core account with access to multiple managers. Unique in Design With its multi-style design, Manulife Private Account is uniquely constructed, coordinating financial consultants, an Overlay Portfolio Manager, investment managers, and Manulife Financial to deliver long-term wealth management strategy to clients. Manulife Financial has engaged Citigroup Asset Management (CAM), considered the pioneer of multi-style accounts, to serve as the Overlay Portfolio Manager. Chosen for its advanced technology, portfolio implementation skills and leadership role in the industry, CAM will coordinate and implement the investment decisions of the program’s underlying managers. This disciplined overlay process provides two key benefits: it limits both duplication of holdings and over concentration in an investment style through periodic rebalancing. “Our alliance with Citigroup Asset Management and the superior quality of our investment line-up give us a distinct advantage in the managed accounts marketplace,” said John D. DesPrez III, Chairman & President, Manulife USA. “Our inherent distribution, marketing and due diligence strength provide a strong foundation which will position us favourably as we enter this market.” “We are pleased to join forces with a top-quality firm such as Manulife Financial to bring the multi-style, separately managed account to an ever wider audience,” said A. Peter Cieszko, Head of the U.S. Retail and High Net Worth division of Citigroup Asset Management. “The phenomenal growth of these accounts in recent years makes it clear that investors are demanding a simplified solution which allows them to diversify their assets and have them managed in an individualized way based on the client’s personal circumstances and investment objectives. This account meets those needs.” Driven by a disciplined selection and review process, Manulife Financial strives to consistently provide clients with access to leading asset managers in a broad array of asset classes and investment styles. As a result, Manulife proactively ‘manages its managers’ to identify quality managers in each style category. Manulife Private Account’s distinguished line-up includes:
A Simple Solution Manulife Private Account goes beyond mutual funds by offering both affluent and emerging affluent clients more customization and personalized service all within one account. Individualized accounts allows clients the opportunity to restrict investments by industry and company. Direct ownership of all securities in Manulife Private Account makes it easier for clients to monitor results and know precisely what they own. Because each security’s cost basis is established at the time of purchase, clients incur taxes only on the personal gains realized. A client has the opportunity to direct the sale of a security to harvest a gain or loss and implement an individualized tax management strategy. About Citigroup Asset Management Citigroup Asset Management is a Citigroup business unit that consists of Smith Barney Asset Management (a division of Salomon Smith Barney, Inc.), Salomon Brothers Asset Management, Citibank Global Asset Management (a unit of Citibank, N.A.) and other affiliated advisory entities. Salomon Brothers Asset Management is the entity that supports the Manulife Private Account. As of June 30, 2002, Citigroup Asset Management managed $443 billion in assets for individuals, institutions, corporations and governmental entities worldwide. Additional information may be found at: www.citigroupassetmanagement.com. Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Salomon Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com. About Manulife Financial In the United States, Manulife Financial is committed to offering the highest quality annuity, life insurance, pension, tax-deferred college savings, and separately managed account products to its clients. Its family of products has been built around a powerful combination of investment options chosen with the goal of providing attractive risk-adjusted returns and broad diversification across asset classes, investment styles, and asset managers. With its extensive product lines, competitive underwriting, excellent ratings, and quality customer service, Manulife Financial is dedicated to providing quality products designed to help create and preserve wealth for its clients. Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were US$92.1 billion (Cdn$139.8 billion) as at June 30, 2002. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com. Manulife Private Account involves risk, including possible loss of principal. There can be no assurance that investment objectives will be achieved. All investments involve risk of principle loss. Diversification does not assure protection against principal loss. Neither CAM nor Manulife Financial provide asset allocation advice in connection with Manulife Private Account asset allocations. Clients are responsible for asset allocation decisions in connection with the preset allocations offered under Manulife Private Account. Neither CAM nor Manulife Financial provide tax advice. Clients should consult their own tax advisor for guidance. -30- Media Contact: Wendy W. Smith U.S. Communications 617-854-4348 |
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