Kai Sotorp was named president and CEO of Manulife Asset Management, according to Warren A. Thomson, senior executive vice president and chairman of Manulife Asset Management.
Mr. Sotorp was also named executive vice president and global head of wealth and asset management at the firm.
Mr. Sotorp starts July 1 and will replace Mr. Thomson, who has been acting CEO of the money manager on an interim basis since Jean-Francois Courville left the position to join RBC Wealth Management as chief operating officer in January 2013. Mr. Thomson retains his role as chairman.
As president and CEO of Manulife Asset Management, Mr. Sotorp will directly oversee the money manager. As global head of wealth and asset management, he will partner in product development and distribution with Manulife's wealth businesses, providing mutual funds, group pensions and investment-linked insurance.
Mr. Sotorp will also be a member of Manulife's executive and management committees. He will be based in Toronto and report to Mr. Thomson.
“A key element for us was to find a global citizen who understands the North American business as well as the pan-Asian regions,” Mr. Thomson said in an interview. “Kai's background and expertise matched our specific business and the specific countries and territories we conduct business in.”
Mr. Sotorp is CEO, Asia-Pacific, at UBS Global Asset Management. He is also UBS Group managing director and a member of UBS Global Asset Management's executive committee. Karina Byrne, a spokeswoman at UBS, said he will remain in his current position within the firm until the end of June. The company is actively seeking a replacement.
