On Monday (22 November), ClearView said the “strategic partnership” will see it collaborate with Manulife on the development of investment solutions to deliver fit-for-purpose wealth management and retirement income solutions to investors.
ClearView managing director Simon Swanson said the immediate goal will be to co-develop retirement income solutions for members in the decumulation stage.
“ClearView is 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,” Mr Swanson said.
“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.
“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.”
The move comes after investment specialist Tim Dowling said the number of Australians entering retirement presents a huge opportunity for advisers during a webinar last month.
“What’s fuelling this opportunity is the fact that 7,980 people retired in Australia just last week,” Mr Dowling said.
“This cohort of people over the next 15 years will bring $2 trillion of assets from accumulation to decumulation. Capturing half a per cent equates to $275 million of new client assets every single year.”
Meanwhile, ClearView completed the sale of its financial advice businesses to Centrepoint Alliance for $15.2 million earlier this month.
