Manulife to double Asian wealth management business

Manulife Financial aims to double its Asian wealth management business in five years driven by strong demand for fixed income and equity funds.

Manulife has around $38 billion in assets under the management in the region, rising from about $12 billion five years ago, the news service said.

"It's a growth story," Michael Dommermuth, president of Manulife Asset Management Asia, was quoted as saying. "What's attracting people is that it's growing at a much more rapid pace than the US or Europe. Over the next five years, I wouldn't be surprised to see our AUM go to $75 billion."