Canada’s Manulife Approved to Take Full Control of Its China Mutual Fund Venture

Canadian insurance giant Manulife Financial Corp. has won approval to become the fourth foreign company to operate a wholly owned mutual fund business in China.

The Toronto-based financial firm, which controls 49% of Beijing-based mutual fund joint venture Manulife Teda Fund Management Co. Ltd., has been allowed to acquire the remaining 51% stake from its Chinese partner, according to a notice released by the China Securities Regulation Commission on Friday.