30 October, 2015
Baker & McKenzie recently acted as the regulatory counsel advising AXA in the disposal of its pension business in Hong Kong and the regulatory approval process. AXA and Principal Financial Group (Principal) entered into an agreement for the sale of AXA's Mandatory Provident Fund (MPF) and Occupational Retirement Schemes Ordinance (ORSO) businesses in Hong Kong. AXA and Principal also entered into a 15-year exclusive distribution agreement under which AXA will distribute the MPF and ORSO schemes through AXA's proprietary networks in Hong Kong.
The Baker & McKenzie team was led by Hong Kong-based Martin Tam, partner and head of the insurance practice, with support from Sophia Man, special counsel, and Jacques Yue, associate.
AXA Group is a worldwide leader in insurance and asset management, with 161,000 employees serving 103 million clients in 59 countries. In 2014, IFRS revenues amounted to Euro 92.0 billion and IFRS underlying earnings to Euro 5.1 billion. AXA had Euro 1,277 billion in assets under management as of December 31, 2014.
