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MASSMUTUAL ACQUIRES LEADING TAIWAN MUTUAL FUND CO.
(Full text of a statement. Contact details below.)
SPRINGFIELD, Mass., March 3 PRNewswire-AsiaNet - MassMutual Financial Group today announced it has further boosted a strong and growing Asian presence through the acquisition of one of the largest mutual fund firms in Taiwan - Fuh Hwa Investment Trust Co. Ltd.
The Massachusetts Mutual Life Insurance Company (MassMutual), together with Mercuries & Associates Ltd. and MassMutual Mercuries Life Insurance Co. Ltd. in Taiwan - have purchased a majority (68 per cent) ownership in the privately held Fuh Hwa.
Fuh Hwa is the sixth-largest mutual fund company in Taiwan, with more than $US4.1 billion in assets under management.
Established in 1997, Fuh Hwa has experienced substantial growth since its inception. Assets under management more than doubled in the last three years, from $US1.6 billion in 2000.
Robert J. O'Connell, Chairman, President and CEO of MassMutual, said the transaction represents a strategically important step in the continued growth and global diversification of MassMutual Financial Group member companies.
"Since first entering Taiwan in 2001, when we acquired a major interest in Mercuries Life Insurance, MassMutual has significantly strengthened its leadership position and profitability in Asia," he said.
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