Manulife comes of age in Asia with China JV

After a long struggle that started in April last year, a 49% stake in China joint venture ABN Amro Teda Fund Management has finally found a new owner. Canadian insurance group Manulife said yesterday it has signed an agreement with Fortis Bank -- now part of French bank BNP Paribas -- to buy the holding for €105 million, subject to approval by the China Securities Regulatory Commission. The deal will be paid with cash and marks a triumph for Manulife, which has steered a relatively c…