Manulife Financial, the Canadian asset manager, has opened a branch in Cambodia as part of its long-term growth plans in the Southeast Asian region.

Around 34 per cent of Manulife's core profit in 2011 came from Asia, the firm said. To-date, it operates in nine Asian countries, with the bulk of its earnings coming from Hong Kong and Japan. 

Cambodia, which has an emerging middle class population of around 15 million, has a very low insurance penetration rate, making it a highly viable venue for expansion. When this is established, the company said it will introduce wealth management and retirement products next.

The new office has 40 staff, but Manulife said it plans to add as many as 300 agents by the end of 2012. The branch is expected to have around 1,000 people within the next two to three years.