Manulife restructures wealth business

Manulife is consolidating its wealth businesses and moving several key leaders in the wake of CEO Donald Guloien’s pending retirement.

The firm has announced it will unite its wealth and asset management businesses under a primary reporting segment called Global Wealth and Asset Management.

“This will enable the company to capture significant market opportunities and take greater advantage of its global scale and talent, while further leveraging its deep local expertise and execution strength,” says Manulife in a release.

Paul Lorentz, who has been with Manulife since 1993, will lead this segment as head, Global Wealth and Asset Management, effective October 1. He succeeds Kai Sotorp, who has decided to retire.

Read: Manulife CEO retiring in the fall

Manulife has also created a senior role to lead its closed North American legacy businesses: its legacy annuity business, long-term care insurance and select long-duration, guaranteed insurance products. Naveed Irshad will be head, North America Legacy Business, effective January 1, 2018; he is currently CEO of Manulife Singapore. Irshad has been tasked with finding cost efficiencies, leveraging scale and looking for “potential strategic transitions for these businesses where it makes sense,” says the release.

Other appointments and changes

• Anil Wadhwani has been appointed president and CEO of Manulife Asia, effective November 13, 2017.
• Marianne Harrison has been appointed president and CEO of John Hancock, Manulife’s U.S. business, effective October 1, 2017. She is currently president and CEO of Manulife Canada.
• Michael Doughty has been appointed president and CEO of Manulife Canada, also effective October 1, 2017. Doughty has been interim president and CEO of John Hancock since May.
• Steve Roder, Manulife’s CFO, has decided to retire for personal reasons, effective December 31, 2017. As a result, Philip Witherington, currently interim president and CEO of Manulife Asia, has been appointed Manulife’s CFO as of January 1, 2018, subject to immigration approvals.

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