and his team are moving within the Manulife
This morning Roy Gori
, president and incoming CEO of all of Manulife, unveiled
the creation of a new "primary reporting segment" within the Toronto-based, publicly traded multinational. The new Global Wealth and Asset Management unit, effective October 1, will be led by Paul Lorentz
, currently executive vice president and general manager of individual wealth management and insurance. And John Hancock Investments
] (led by Arnott) and its 401(k) recordkeeping sibling will both be part of Lorentz's new unit.
"We are creating strong global alignment, and direct accountability for all of our wealth and asset management businesses globally, including John Hancock Investments and John Hancock Retirement Plan Services, under a primary reporting segment, Global Wealth and Asset Management," Hancock spokeswoman Beth McGoldrick tells MFWire
in an emailed statement. "This will enable us to capture significant market opportunities and take greater advantage of our global scale."
Meanwhile, Manulife Canada president and CEO Marianne Harrison
is taking over as president and CEO of all of John Hancock, also effective October 1. Harrison takes over for interim Hancock president and CEO Michael Doughty
, who will take Harrison's old job atop Manulife Canada.
The changes come two months after reports
that Manulife is considering spinning off Hancock, perhaps with an IPO.
John Hancock Investments has more than $140 billion in AUM (out of $780 billion in Manulife AUM worldwide).
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