Manulife Financial Corp. (TSE:MFC, Mkt cap 45.92B,P/E 13.47, Div/yield 0.17/2.92, EPS 1.73, Shares 1.97B) has welcomed the arrival of three new C-suite executives to its private asset management business, as it presses ahead with expanding its commercial property strategy.
According to Bloomberg’s report, Jenn Lundmark is the most notable appointment of the three arrivals, having been named head of real estate fundraising at Manulife Asset Management’s private markets unit.
Lundmark is joined by Sahezad Pardhan, hired as global chief financial officer for the operation, and Ken Pogrin, who takes up the roles of global head of business development and chief operating officer.
The appointments will aid Manulife in its ambitions of “growing our private asset management business significantly over the next five years,” Kevin Adolphe, head of the private markets business and real estate, said in a statement.
Having set up the private markets unit in 2013 in order to help generate fee income, Manulife is now looking to push this area of business forwards by adding institutional clients.
As at March 31, 2015, Canada’s largest insurer said its assets under management in private asset classes were C$98 billion (US$77 billion), including assets managed by and for Manulife’s general fund and external clients.
Lundmark will be tasked with raising capital for real estate investments. She joined from American Realty Advisors in Chicago, and prior to that she worked at Goldman Sachs Group Inc. American Realty declined Bloomberg’s request for a comment on the switch.
Meanwhile, Pardhan will focus on expanding third-party capital having made the move from Oxford Properties Group, the real estate arm of Ontario’s Omers pension fund.
“We are pleased to announce these key hires, rounding out our senior management team,” said Adolphe. “Since the launch of Private Markets a year and a half ago, we have experienced good traction in the marketplace, laying the foundation for the growth of our business.”
Manulife Financial Corporation is a Canadian life insurance company. It is the holding company of The Manufacturers Life Insurance Company (MLI) and John Hancock Reassurance Company Ltd. (JHRECO). Manulife is a financial services company with principal operations in Asia, Canada and the United States.
Manulife Financial’s divisions include:
- Protection (Asia, Canadian and U.S. Divisions);
- Wealth Management (Asia, Canadian and U.S. Divisions);
- Corporate and Other segment.
The Company provides financial protection and wealth management products and services to personal and business clients. It also offers asset management services to institutional customers. The Company operates as Manulife in Canada and Asia and primarily as John Hancock in the United States.
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