SFC fines Manulife AM for ‘serious deficiencies’
The regulator fines the firm $3 million for inadequate customer profiling in the distribution of a fund from 2007 to 2012. Separately, it bans a former Morgan Stanley Asia banker for life.
Manulife Asset Management (HK) has been reprimanded and fined $3 million by the city’s securities regulator for inadequate internal controls in the distribution of a fund.
The Securities and Futures Commission (SFC) imposed a HK$24 million ($3.1 million) fine in relation to distribution of Manulife Global Fund from 2007 to 2012. It says it found “a number of serious deficiencies” in the way the fund was distributed.
The product in question is an umbrella collective investment sc…
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