Tuesday, September 23, 2008
Hancock Integration Plan Creates New Jobs
News summary by MFWire's editors
plans to integrate more with its parent, Manulife
, at least in the investment management business. Hancock's Investment Management Services (IMS) group will be integrated with Manulife's IMS group in Toronto along with new members in its Asia division to form Global IMS. Bruce Speca
, executive vice president, IMS, said the company will be making new hires for the group as well.
Company Press Release
BOSTON, Sept. 22 /PRNewswire-FirstCall/ -- John Hancock's Investment Management Services (IMS) group has expanded its role of providing investment manager selection and review services within its parent company, Manulife, the company said today.
In the U.S., IMS has been responsible for the selection and review of investment managers for John Hancock for more than a decade. The IMS team in Toronto has performed the same function for Manulife's Canadian Division since 2002. Now these groups, along with new members of the team serving the Asia Division including Japan, have joined efforts to form Global IMS. The group oversees the investment platforms across the company's various business units, including mutual funds, retirement plans, college savings, variable annuities, segregated funds, and variable life insurance.
"Integrating the manager selection and review function across divisions enables us to provide one point of contact for our global investment partners, allowing us to build stronger relationships," said Bruce Speca, Executive Vice President, IMS. "The group, which has team members in Boston and Canada, now leverages local resources across regions." According to Mr. Speca, Global IMS will also focus on the worldwide oversight of Manulife and John Hancock's fund-of-fund and asset allocation products, including all target-risk and target-date funds.
"Investment Management Services is a center of excellence within our organization, and we are pleased to expand the reach of their expertise," said John D. DesPrez III, President and CEO of John Hancock Financial Services.
As a result of the expansion, Global IMS is responsible for oversight of investment platforms totaling nearly $200 billion in assets. These assets are managed by more than 90 of the largest and most respected asset management firms in the world, including T. Rowe Price, PIMCO, Capital Guardian Group, Wellington, CIBC, Fidelity, CI Investments, Value Partners Limited (Hong Kong), and MFC Global Investment Management.
Mr. Speca added that new hires have already joined the team in Boston, and others are planned.
About John Hancock and Manulife Financial
John Hancock is a unit of Manulife Financial Corporation (the Company), a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and in most of Asia, and primarily as John Hancock Financial Services in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$400 billion (US$393 billion) as at June 30, 2008.
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 http://www.manulife.com.
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