-- Mr. Sotorp brings more than 25 years of international financial services and asset management experience
-- New position to grow and develop wealth and asset management capabilities globally
TORONTO, May 20, 2014 /CNW/ - Manulife today announced that Kai Sotorp has been appointed President and CEO of Manulife Asset Management and Executive Vice President and Global Head of Wealth and Asset Management. In this new role at the Company, Mr. Sotorp, who brings 25 years of international financial services and asset management experience, including extensive experience in Asia, will be responsible for growing and developing the Company's wealth and asset management operations globally. His appointment is effective on or about July 1, 2014.
Mr. Sotorp will be a member of Manulife's Executive Committee and Management Committee. He will report to Warren A. Thomson, Senior Executive Vice President and Chairman of Manulife Asset Management. He will be based in Toronto, subject to immigration approvals.
"Kai is a proven business leader with extensive global experience in wealth and asset management," said Mr. Thomson. "Developing Manulife Asset Management to its fullest is an important strategic priority for Manulife. Today, Manulife Asset Management manages assets totaling $298 billion on behalf of institutional and retail clients. Kai's exemplary track record and international experience make him the ideal candidate to drive this business to its highest potential."
"I am privileged to be joining Manulife to contribute to the strong global ambitions of an already very successful asset management business. I am impressed with the caliber of the firm's professionals and its strong culture of excellence and client focus. Combined with strong performance and an integrated business model, Manulife has all the elements required for global distinction," said Mr. Sotorp.
As President and Chief Executive Officer of Manulife Asset Management, Mr. Sotorp will directly oversee Manulife Asset Management, the Company's global asset manager, and will partner in product development and distribution with Manulife's wealth businesses providing mutual funds, group pensions and investment-linked insurance globally. He succeeds Mr. Thomson, who had held that title on an interim basis.
Most recently and since September of 2012, Mr. Sotorp had been with UBS Global Asset Management as Chief Executive Officer, Asia Pacific. He was also UBS Group Managing Director and member of UBS Global Asset Management's Executive Committee. Based in Hong Kong, he oversaw US$120 billion in assets under management and 495 employees.
Previously, Mr. Sotorp had also spent eleven years with UBS Global Asset Management in a variety of roles, including Group Managing Director based in Chicago, CEO Americas and member of UBS' Group Managing Board, Regional Head Asia Pacific, and President of UBS Global Asset Management (Japan).
Prior to UBS, Mr. Sotorp was with American International Group as President, AIGGIC Japan, and with Kemper Financial Services as an Executive Vice President.
He holds an MBA from Harvard Business School and a Bachelor of Science in Business Administration from Boston University.
Note: All Manulife Asset Management figures in Canadian dollars, as at March 31, 2014.
About Manulife Asset Management
Manulife Asset Management is the global asset management arm of Manulife Financial, providing comprehensive asset management solutions for institutional and retail clients in key markets around the world. This investment expertise extends across a broad range of public and private asset classes, as well as asset allocation solutions. As at March 31, 2014, assets under management for Manulife Asset Management were C$298 billion (US $269 billion).
Manulife Asset Management's public markets units have investment expertise across a broad range of asset classes including public equity and fixed income, and asset allocation strategies. Offices with full investment capabilities are located in the United States, Canada, the United Kingdom, Japan, Hong Kong, Singapore, Taiwan, Indonesia, Thailand, Vietnam, Malaysia, and the Philippines. In addition, Manulife Asset Management has a joint venture asset management business in China, Manulife TEDA. The public markets units of Manulife Asset Management also provide investment management services to affiliates' retail clients through product offerings of Manulife and John Hancock. John Hancock Asset Management and Declaration Management and Research are units of Manulife Asset Management. Additional information about Manulife Asset Management may be found at ManulifeAM.com.
Manulife is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Clients look to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife and its subsidiaries were approximately C$635 billion (US$574 billion) as at March 31, 2014. Our group of companies operates as Manulife in Canada and Asia and primarily as John Hancock in the United States.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife can be found on the Internet at manulife.com.
SOURCE: Manulife Financial
For further information:
Beth McGoldrick, (617) 663-4751, Beth_mcgoldrick@manulifeam.com; Brian Carmichael, (617) 663-4748, Brian_carmichael@manulifeam.com