The multinational, publicly traded, Canadian parent of a subadvised U.S. fund firm is making another trim.

Kristie Marie Feinberg John Hancock Investment Management President, CEO

Manulife is cutting 2.5 percent of the jobs in its global wealth and asset management team, a company spokesperson confirms. That's the Manulife unit that includes U.S. asset manager John Hancock Investment Management [profile], though the Manulife folks have not yet publicly revealed how Boston-based John Hancock Investment Management will be affected. (The affected unit also includes Manulife's U.S. retirement plan recordkeeper, as noted by our sister publication 401kWire.)

That 2.5-percent cut translates into about 225 jobs, according to the Toronto Star, which broke the news about the planned round of layoffs. (That makes this round of cuts slightly smaller than one that came to light a year ago.) MFWire has learned that this current reduction was a global one.

"We have recently undergone a carefully considered reduction to the size of our workforce in an effort to leverage our global operating model and focus on high growth priorities. We continue to invest in the most strategic opportunities to scale the business and deliver additional capabilities to our clients," a Manulife Wealth and Asset Management spokesperson writes to MFWire . "In total, the departures represent approximately 2.5% of our global wealth and asset management team." 

Edited by: Selma Khenissi, Reporter


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