Toronto, Canada - December 3, 2003 -- Strategic Information Technology Limited (SIT) announces that Manulife Financial has now gone live with the Portfolio Plus Wealth Management Module.
SIT and Manulife entered into a licence agreement last year for its Canadian Division Wealth Management operations (Manulife Investments). Work has been completed to accommodate the Insurance Industry requirements as well as end-to-end (Internet-based) processing. Manulife Investments began sales of its new Guaranteed Insurance Contract product in December, 2002. Conversion of the existing book of deferred annuities and launch of end-to-end processing were completed in November, 2003.
"The successful implementation of the Wealth Management Portfolio Plus Module builds on our product and information technology strategies," said Chris Buck, Assistant Vice President, Manulife Financial Wealth Management Information Services. "We are pleased to expand our relationship with Strategic Information Technology to include our Fixed Income Insurance products."
"By consolidating several Wealth Management Portfolios into one system and working closely together with SIT to leverage an existing strong relationship with Manulife Bank, Manulife Financial will be able to benefit from modern, uniform technology across all of its Wealth Management Portfolios and in future, develop and administer those products it requires in its current and future target marketplaces" said G. Robert Leeming, president of SIT.
Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were Cdn$150.8 billion as at September 30, 2003.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the internet at www.manulife.com.
Strategic Information Technology Limited was formed in 1988. SIT develops and markets a core banking system Portfolio Plus. Portfolio Plus is a highly functional application designed to be easily tailored to customers' unique environments, to process information efficiently, and to provide timely access to information essential to competing effectively in the financial services industry today.
For further information contact:
Strategic Information Technology
Telephone: 905-640-0808 x356
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