Manulife has announced structural changes to its wealth and asset management businesses globally, all so to tap into new market opportunities.
The Canadian giant will combine the reporting for the two units under a primary segment – global wealth and asset management - appointing Paul Lorentz as global head. The former chief, Kai Sotorp, will retire.
In a statement, Manulife said the new structure will enable it 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.
The restructuring also comes alongside leadership changes to its Asian business unit. Anil Wadhwani has been appointed president and CEO of Manulife Asia, effective 13 November. Wadhwani was previously global head of operations for Citi’s consumer bank, having been with the company for 25 years.
As his experience spans across Asia, Europe and the US, Manulife said Wadhwani’s global perspective and varied leadership roles will be valuable to its Asian arm, as the firm embarks on its next stage of growth.
Meanwhile, Philip Witherington, currently the interim president and CEO of Manulife Asia, has been appointed chief financial officer, effective 1 January 2018. Witherington has been serving as chief executive since 2014. Previously, he was Asia-Pacific head of finance for retail banking and wealth management at HSBC.
In other developments, the current Manulife Singapore CEO, Naveed Irshad, has been named as head for the closed North America Legacy Business, effective 1 January 2018.
‘Manulife has a stated objective to improve returns in its legacy businesses, and the creation of this new role will enable it to more aggressively pursue this opportunity with stronger accountability and focus on in-force management, cost efficiencies and leveraging scale, as well as potential strategic transactions for these businesses where it makes sense,’ the firm said.
The legacy business includes the legacy annuity business, long-term care insurance and select long duration guaranteed insurance products.
With over $1 trillion in assets under management and administration globally, Manulife has operations in Asia, Canada and the US.