ManuLife has cared out a new division to go after the hot high net worth niche. The new unit will target affluent investors with its annuity, 529 college savings and managed account products. The newly created Individual Wealth Management Division is now one of three main business units at the insurer along with its Group Pensions and Life Insurance divisions.

Leading the foray by the Boston-based division of ManuLife USA will be James R. Boyle. He will continue to head the US annuity division and take a second title as president of the new-created division.

Meanwhile, both Bill Burrow, SVP and general manager of the 529 college savings channel and Marc Costantini, SVP and general manager of the managed accounts division now report to Boyle. "The structure of these three business units remains the same, but they are now brought together under Boyle," explained a spokesperson. ManuLife Wood Logan acts as distributor for all three product lines now offered by the division.

John D. DesPrez III, chairman and president of Manulife USA, explained that Boyle will oversee the creation of a "unified" and "comprehensive" strategy for marketing and distributing the three product lines to affluent individuals.

"Our core goals are to grow market share and to continue to improve our service to brokers with creative sales ideas, solution selling, special market product applications, and education," said Boyle. "The formation of the Individual Wealth Management Division will help us to better focus our strategy and our resources on these important goals, while making it easier for more clients to hold multiple Manulife products." 

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