Money Management

Manulife names new head of global wealth and asset management

Paul Lorentz was named head of Manulife's global wealth and asset management unit, effective Oct. 1, said a Manulife spokesman in an email.

The firm's wealth and asset management businesses are being brought together under this unit. Mr. Lorentz replaces Kai Sotorp, who is retiring. Mr. Lorentz will report to Warren Thomson, Manulife's chief investment officer.

Mr. Lorentz is the head of Canadian retail markets. He will continue to serve as head of that division on an interim basis, the spokesman wrote.

Additionally, Marianne Harrison was named president and CEO of Manulife's U.S. division, John Hancock, also effective Oct. 1.

Currently, Ms. Harrison is president and CEO of Manulife Canada. She will be replaced by Michael Doughty, who has been filling in as interim president and CEO of John Hancock since Craig Bromley left in May. Further information on Mr. Bromley's departure could not be learned.

Manulife's global wealth and asset management businesses had C$572 billion ($439 billion) in assets under management and administration as of June 30.