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Manulife teams awarded new funding from US public pension fund.

BANKING AND CREDIT NEWS-December 13, 2013--Manulife teams awarded new funding from US public pension fund


12 December 2013 -- Canadian financial services firm Manulife Financial's (TSX: MFC) (NYSE: MFC) Boston-based Manulife Asset Management unit said that it has been awarded a new fixed income mandate from a US public fund and also given additional funding from an existing US public pension fund client.

The North Dakota State Investment Board, headquartered in Bismarck, approved a strategic allocation from its Permanent Fund, to be funded over time and managed by Manulife Asset Management's Securitised Assets team in its Total Return Bond Strategy.

The Springfield-based Teachers' Retirement System of the State of Illinois significantly increased its allocation to the firm's Strategic Fixed Income Strategy, with an additional award of more than USD 200m which is managed by the firm's Global Multi-Sector team.

Over the past five years, the firm's Securitized Assets team has managed four other strategies for North Dakota's Pension Fund ranging from distressed mortgages to high quality CMBS.

The North Dakota Permanent Fund was created in 2010 to hold and invest tax revenue from oil and gas production in the state. The Securitized Assets team manages USD 5.4bn in assets.

Manulife said the team manages USD 15bn in assets globally.Manulife Asset Management is the global asset management arm of Manulife Financial, providing asset management solutions for institutional investors and investment funds in key markets around the world.

This investment expertise extends across a broad range of public, private, and alternative asset classes, as well as asset allocation solutions. As at September 30, 2013, assets under management for Manulife Asset Management were CDN 265bn (USD 258bn).

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Publication:M2 Banking & Credit News (BCN)
Date:Dec 13, 2013
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