Manulife Asset Management will outsource the management of its Manulife Global Funds (MGF) European Growth fund to T. Rowe Price starting 11 December.
In its letter to shareholders, Manulife said the decision to replace the investment manager is in the best interest of its shareholders.
The company said T. Rowe Price has considerable resources and capabilities, including a substantial and experienced portfolio management and research team in managing European equity investments.
In addition, T. Rowe Price also possesses a proven long-term performance track record across multiple pan-European strategies and portfolios.
In Asia, the fund is available to investors in Hong Kong, Singapore, Taiwan and Macau.
The company told Citywire Asia that there is no change to the fund's distribution in select markets in Asia following the investment manager change.
In connection with this change, the management fee applicable to Class AA or retail share class of the sub-fund will be reduced from 1.75% per annum to 1.50% per annum.