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Manulife Financial to expand third party private asset management business

Manulife Financial is expanding its global third party private asset management business.

The new business unit will be called Manulife Asset Management Private Markets.
 
The business unit will bring together specialised private asset teams that currently manage funds for third party investors, as well as provide investors with access to Manulife Financial's other specialised private asset investment teams that historically have primarily served its general fund.
 
"We have invested successfully in these private asset classes for decades and our investment teams are among the most experienced in the business," says Warren Thomson, senior executive vice president and chief investment officer, Manulife Financial and chairman, Manulife Asset Management. "We see a tremendous opportunity to develop customised solutions for clients that wish to invest in private asset classes."
 
The new business unit will be headed by Kevin Adolphe, president and chief executive officer, Manulife Asset Management Private Markets.
 
Manulife Financial manages CAD74bn of private market investments out of its total funds under management of CAD575bn. Collectively, these private assets span across private placement debt, commercial mortgages, timberland, farmland, real estate, private equity and mezzanine debt, oil and gas and power and infrastructure assets. Manulife Financial currently manages private assets for its own general fund, and in some asset classes, for third party investors.
 
"One of our key priorities will be to leverage Manulife's investment expertise in multiple private asset classes to manage funds for third parties," says Adolphe. "To accomplish this, we plan to expand our asset management activities by building on the success achieved by our Hancock Natural Resource Group, in serving the needs of investors globally."

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