Kuala Lumpur, Malaysia-based Manulife Holdings Berhard (MHB), owned by Toronto-based Manulife Financial Corp., intends to purchase 100% of its subsidiary, MAAKL Mutual Bhd. The deal will increase MHB’s assets under management to RM7 billion (RM is the ringgit, Malaysia’s currency). MAAKL offers units in 27 funds, including Islamic funds and Employees Provident Fund-approved funds. Most of the investment-management responsibility for MAAKL’s funds will be passed to Manulife Asset Management Services Berhand, another subsidiary of MHB. The acquisition is subject to regulatory approval and is expected to close by January 2014.

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