MutualFundWire.com: A Subadvised Fund Firm's Parent Cuts 2.5 Percent

MutualFundWire.com

The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication

Friday, November 1, 2024

A Subadvised Fund Firm's Parent Cuts 2.5 Percent

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."

Printed from: MFWire.com/story.asp?s=68114

Copyright 2024, InvestmentWires, Inc.
All Rights Reserved