Manulife zeroes in on Canada’s rich as it looks to grab a bigger slice of growing wealth industry [Financial Post (Toronto, Ontario, Canada)]
Manulife Financial Corporation (MFC)
Last manulife financial corporation earnings: 2/12 05:00 pm
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Source: Financial Post
Manulife zeroes in on Canada's rich as it looks to grab a bigger slice of growing wealth industry Manulife plans to more than double assets in its wealth unit and hire five new portfolio managers Manulife Financial Corp. plans to more than double assets in its wealth unit and hire five new portfolio managers as it targets the growing business of Canada’s rich. Canada is about 10 years behind the U.S. in offering financial services to the wealthy under one umbrella — from investment management to tax planning — and the industry is ripe for growth and consolidation, said Glen Brown, head of Manulife Private Wealth. “Five years ago, you would see the average person dealing with 4.7 different advisers. It’s now under three,” Brown, 49, said in an interview at Bloomberg’s office in Toronto. “So we’re bringing in money from other firms from clients that had maybe three or four managers and have consolidated things with us.” Manulife Asset Management has about US$364 billion under management
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