Manulife Singapore, the Asian division of Canada-based financial services Manulife, has launched the ManuSignature Series, a new product designed to cater to high net worth individuals (HNWIs).
The series offers a choice of solutions to help HNWIs meet their personal and business needs, such as family protection, estate creation, wealth preservation and distribution, and business succession planning.
Currently, the ManuSignature Series for HNWIs has three main products including Heirloom for HNWIs’ legacy planning and wealth transfer needs. The other two services are ManuSignature Term, which boosts HNWIs’ protection coverage at minimal cost (S$1m/$799,880) and ManuSignature One, which guarantees coverage up to 300%of the chosen sum insured.
In Singapore alone, there were 105,000 HNWIs in 2013, up 30% from 2009 and holding a total wealth of $14.2rn, according to the 2014 Asia-Pacific Wealth Report by RBC and Capgemini.
Naveed Irshad, president and chief executive officer of Manulife Singapore said: "As Singapore continues to gain prominence as a hub for HNWIs, we are likely to see a corresponding increase in demand for wealth management and protection solutions tailored to this segment."
The number of HNWIs in the region reached 4.3m in 2013, rising 43% from 2009, said the report. Asia-Pacific is also expected to overtake North America as the largest HNWI market in the near future.
As of 30 September 2014, funds under management (FuM) at Manulife and its subsidiaries were approximately C$663bn ($591bn).
