Toronto-headquartered Manulife has axed jobs globally within its asset management unit, including in Asia.
Manulife has axed 250 jobs in its asset management unit across the US, Canada, the UK as well as Asia, according to a report by funds publication «Ignites» citing an internal memo.
«Like every other asset manager, we are weathering sustained market volatility and, for the first time in 15 years, a market cycle of higher-for-longer interest rates,» said Manulife Investment Management CEO Paul Lorentz in the memo.
Year-to-date, Manulife's global wealth and asset management business has recorded C$968 million ($707 million) in core earnings, down from over C$1 billion during the same period in 2022.
