Manulife Investment Management has cut 250 wealth and asset management jobs globally, a spokesman for the company confirmed.
The spokesman declined to provide further details.
Paul Lorentz, president and CEO of the asset management business, didn't immediately respond to requests for comment.
Manulife becomes the latest money manager to cut staff, joining firms such as Wellington Management and T. Rowe Price, following a year in 2022 that saw firms largely continue to hire aggressively despite the start of a rate-hiking cycle that brought to an end a decade of steady gains for U.S. stocks and bonds alike.
Pensions & Investments' latest money manager survey showed industry head count jumping 12.6% in 2022 to 645,309.
