Money Management

Manulife taps new CEO, CIO for global asset management business

Paul R. Lorentz was promoted to president and CEO of Manulife Financial's global wealth and asset management business and Scott Hartz was promoted to chief investment officer, effective March 1, 2019.

Mr. Lorentz's position is new, said Sean B. Pasternak, a Manulife spokesman, in an email. As the CIO for Manulife's asset management unit, Mr. Hartz will replace Warren A. Thomson, senior executive vice president, who is also chairman of the money management unit, according to the release.

Mr. Thomson was appointed CIO of the firm's asset management business in 2009 and is retiring from Manulife on Feb. 28, 2019.

Mr. Thomson will not be replaced as chairman, Mr. Pasternak said.

Currently, Mr. Lorentz is head of Manulife's investment unit, which includes the firm's global retirement, retail and asset management capabilities, a news release said.

Mr. Hartz was head of general account investments at John Hancock Life Insurance Co., a Manulife subsidiary.

Messrs. Lorentz and Hartz both will report to Roy Gori, Manulife's president and CEO.

"Paul and Scott are proven leaders who have built and maintained strong momentum across their mandates and teams. I'm confident they will continue to create significant value for our organization, our customers and our shareholders," Mr. Gori said in the release.

Manulife had C$1.1 trillion ($833 billion) in assets under management and administration of as June 30.