Manulife Financial Corp. has signed an agreement to purchase Fortis Bank's 49% ownership in ABN AMRO TEDA Fund Management Co. for the equivalent of $156 million.

ABN AMRO TEDA Fund Management was established in 2002. It is 51% owned by Northern International Trust, part of Tianjin TEDA Investment Holding Co., a company owned by Tianjin city in China.

The joint venture, which will be called Manulife TEDA Fund Management Co. Ltd., will provide traditional retail and institutional asset management across the Chinese market.

Manulife President and Chief Executive Donald Goloien said the partnership "provides a rare strategic opportunity to make a fast-track entry into China's large and high-growth market for individual and institutional wealth-management services. This accelerates our expansion in China's huge growth market by several years."

Toronto-based Manulife said it expects the acquisition to be accretive to earnings in the first year and to have a negligible impact on capital levels. The agreement is subject to regulatory approval and is expected to close in the first quarter of 2010.

At present, the joint venture has assets under management of $3.8 billion.

Manulife's shares rose eight cents, or 0.5%, to $17.78, in 4 p.m. New York Stock Exchange composite trading.