OSK Invt sees 20pc wealth mgnt revenue

OSK Investment Bank Bhd (OSKIB) expects 20 per cent in wealth management revenue following a strategic bancassurance partnership with Manulife Insurance Bhd (Manulife Malaysia).

A distribution agreement signed today will enable OSKIB to distribute Manulife Malaysia's life insurance products through its private bankers and wealth managers.

OSKIB Chief Executive Officer U Chen Hock said the partnership would enhance the investment bank's existing range of wealth management products and services.

"The collaboration with Manulife Malaysia was not only because of its strong brand image and financial position but also because of its expertise and experience in bancassurance," U told a a press conference after the distribution signing agreement between OSKIB and Manulife Malaysia today.

He said OSKIB expected RM12 million in premiums over the next 12 months from the newly-launched products under the partnership namely OSK Wealth Saver and OSK Wealth Saver Max, both underwritten by Manulife Malaysia.

The new products, under the OSK Wealth Saver series, are limited payment endowment plans specially designed to help different OSKIB customer segments meet their financial goals.

U said the sharing expertise between OSKIB and Manulife Malaysia will see both companies work together to develop more products tailored for OSKIB's customers to serve their savings, protection and investment needs.

He said the products under the partnership were introduced to the local market where OSKIB has 57 branches and a similar partnership could be extended to Asia markets. -- Bernama