Singapore - Investors are taking cover in regular income products that help provide shelter amidst uncertainty. The Manulife Income Series – Singapore Fund, the first fund for an investment linked plan to provide a monthly income in Singapore, has reached the S$20 millionth mark in fund size, one month after the end of its IPO period. The sum raised by the Fund has exceeded the insurer’s projections, and is also commendable given that it was launched during a period of economic upheaval in the Eurozone, and it was all purchased by cash.
Ms Annette King, President & CEO of Manulife Singapore said, “We believe the fund, which was distributed through our over 1,000 financial planners, was well-subscribed because Singaporeans are looking for a regular stream of income to reduce the retirement gap in one of the fastest ageing societies in the world. The Manulife Singapore Fund is a good match of assets and to the liabilities of many Singaporeans. ”
“Manulife Singapore takes pride in developing financial solutions that cater to our customers’ financial needs. As a whole, we have seen that many Singaporeans do not have a well-structured retirement portfolio to provide a regular stream of income. The Fund is a manifestation of the Manulife client-centric philosophy to put the customer first,” she continued.
The Manulife Income Series – Singapore Fund is the first Fund for an investment-linked plan (ILP) in the Singapore market to provide a regular monthly income catering to retirement needs and other financial objectives.
The income paying platform leverages on the strong fundamentals of the Singapore economy as well as its growth potential as an Asian hub participating in the region’s strong growth.
The Fund seeks to provide medium to long term capital appreciation and income by primarily investing 60% into the Manulife Singapore Bond Fund and 40% into the Manulife Singapore Equity Fund both of which are managed by Manulife Asset Management (Singapore) Pte. Ltd. This balanced portfolio approach is designed to cushion the impact of market volatility.
The Fund targets to pay a dividend of 3.6 cents (SGD) per unit per annum or 0.3 cents (SGD) per unit per month.* The Fund’s Annual Management Charge (AMC) is 1.2% per annum.
Investors can purchase units with cash or SRS. Investors can choose from two products: Manulink and Manulink Investor. Both are single premium investment-linked plans where Manulink offers higher protection and Manulink Investor is more focused on investment.
Note to Editors:
*There is no guarantee, assurance and/or certainty that any distribution will be made and if distributions are made, such distributions are not in any way a forecast, indication or projection of the future or likely performance/payout of the Fund. The making of any distributions shall not be taken to imply that future distributions will be made. The Fund Manager and/or Manulife (Singapore) Pte Ltd may also vary the frequency and/or the amount of distributions made. When distributions are declared and paid out with respect to the Fund, the net assets of the Fund will reduce by an amount equivalent to the distributions declared. Thus it will be reflected as a reduction in the unit price.
About Manulife Financial
Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. In 2012, we celebrate 125 years of providing clients strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were C$512 billion (US$512 billion) as at March 31, 2012. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at manulife.com.
About Manulife Asset Management
Manulife Asset Management is the global asset management arm of Manulife Financial. Manulife Asset Management provides comprehensive asset management solutions for institutional investors and investment funds in key markets around the world. Manulife Asset Management also provides investment management services to affiliates’ retail clients through product offerings of Manulife and John Hancock. This investment expertise extends across a broad range of asset classes including equity, fixed income and alternative investments such as real estate, timber, farmland, as well as asset allocation strategies.
Manulife Asset Management has offices with full investment capabilities in the United States, Canada, the United Kingdom, Japan, Hong Kong, Singapore, Taiwan, Indonesia, Thailand, Vietnam, Malaysia, and the Philippines. In addition, it has a joint venture asset management business in China, Manulife TEDA. It also has operations in Australia, New Zealand, Brazil and Uruguay. John Hancock Asset Management, Hancock Natural Resource Group and Declaration Management and Research are units of Manulife Asset Management.
Manulife Asset Management was named a 2011 Bond Manager of the Year finalist in the United States by Money Management Intelligence (MMI) and Best Asian Bond House by Asia Asset Management. As at March 31, 2012, assets under management were US$220 billion. Additional information about Manulife Asset Management can be found at ManulifeAM.com.
Manulife (Singapore) Pte Ltd
Manulife (Singapore) Pte Ltd