ClearView and Manulife in retirement products partnership

Mike Taylor

Managing Editor and Publisher

22 November 2021

Life insurer, ClearView has entered into a strategic partnership with Manulife Investment Management to develop a range of retirement income solutions for members in the deaccumulation phase.

The development of the retirement income solutions will be the first part of the collaboration which will be ongoing and aimed at developing a broader range of wealth management and investment solutions.

It follows on from ClearView’s recent transaction which saw its wealth management business sold to Centrepoint Alliance but with ClearView taking up a stake in Centrepoint.

Commenting on the arrangement, ClearView managing director, Simon Swanson, said the business was continuously looking for opportunities to serve our customers and advisers better.

“With a rapidly growing number of Australians in or nearing retirement, it is critical they have access to products that help them manage their drawdowns. We are excited to partner with one of the world’s leading asset managers to come up with solutions for Australia’s large pre-retiree and retiree market,” he said.

“In addition, we aim to leverage Manulife Investment Management’s broader capabilities in other areas to support our plans to implement liability-driven investments and increase exposure in Asian, ESG and private asset strategies.”

Manulife Investment Management’s Head of Wealth and Asset Management, Asia, Michael Dommermuth said: “Innovative solutions such as liability-driven investment and income-orientated strategies are playing an increasingly important role in aiding investors around the world to generate a stable income in retirement”.

“Similarly, in Australia, there is a clear need for effective retirement income solutions to help more people achieve their retirement goals.”

Peter Kim, Head of Institutional Business, Asia Pacific (ex-Japan), Manulife Investment Management added: “A key initiative for Manulife Investment Management’s APAC institutional business is to develop mutually-beneficial relationships with a network of partners in the region and we are excited to work closely with ClearView.”

As at 30 June, 2021, Australia’s managed funds industry had AUD4.31 trillion in assets under management1.

The Australian Government’s recent Retirement Income Review found that over 70% of Australians over age 65 are still dependent on the Age Pension to support their lifestyle in retirement.

The 2020 Retirement Income Review Final Report highlighted the need for regulated, simple and safe retirement solutions, and identified products that can deliver an income stream and provide protection against market fluctuations and longevity risk as a way to help Australians maintain their standard of living in retirement.