Manulife has made several changes to its investment teams and strategies in addition to its distribution team, in an effort to streamline its business.
On the firm's equity team, 19 members are slated to depart by the end of the year, according to a memo sent by Christopher Conkey, president and chief investment officer of Manulife Asset Management Public Markets.
The firm also plans to close three of its equity strategies and change the management on a few more.
The memo was seen by Fundfire, who first reported the changes.
International value equity head Wendell Perkins in addition to Margaret McKay, Edward Maraccini, Daniel Bagdasarian, Eldene Doyle and William Fitzpatrick are all set to exit the firm over the next few months, as the firm closes its international value strategies on October 31.
Its international ADR and international small-cap strategies will close on this date as well.
US large-cap growth and focused US large-cap growth strategies are expected to follow on September 28, which is to involve the exit of US large cap growth head Shannon Reid in addition to David Chow, Jay Zelko, Curtis Ifill and Laura Webb, according to the memo.
‘We are refocusing our equity capability set to reflect shifts in investor demand and to ensure we are best positioned to meet emerging client needs,’ a Manulife spokesman said.
‘We remain committed to offering clients around the globe highly differentiated, actively managed equity capabilities in addition to best-in-class fixed income capabilities and premier solutions offerings.’
Manulife Eafe leader David Hussey is set to leave the firm on January 31 2019.
At that time, Manulife will give up management on its international large-cap core and European equity strategies and it will pass on its MGF European Growth and MPF Manulife European Equity funds to another manager not yet identified.
Its two dividend SMAs managed by Christopher O’Keefe in addition to its international ADR strategy led by Wendell Perkins are to close on October 31, coinciding with the departure of O’Keefe, Wayne Breisch, Christopher Ouimet, Sarah Henry and Helene Darga.
Also occurring is the departure of Linda Csellak, senior portfolio manager on its Asian Pacific Equities, which will result in Andrew John O. taking on her responsibilities as lead manager.
Keng Lin Tan is to be named a back-up manager for Asian Pacific equities and lead manager of Manulife Asia equities.
A portfolio manager on the global equities team, Doug McGraw, will also leave the firm in the fourth quarter.
The equity exits trail a series of departures from the firm’s distribution team earlier this year including Claude Chene, who had been global head of distribution for Manulife Asset Management, Frank Saeli, who was head of distribution for US and Latin American, as well as Oran Walsh, Gail Smith, Jessica Natale and Mike Ahern, who were also a part of the firm’s distribution team.
The departures came after the firm announced it would merge its global wealth and asset management business in September 2017, and the exits followed into this year.
Todd Cassler is now responsible for the distribution of institutional products in the US, Europe and Latin America while Adam Neal oversees Canada and James Chen oversees Asia. Cassler is also president of financial institutions and advisory solutions at John Hancock Investments.
A new leadership team consists of Gary Bieda as head of the broker-dealer platform, Gene Huxhold as head of Dcio, Brian Torrisi as head of consultant relations and Andy Norton as head of inside sales and client service.
Also appointed to the new leadership team is Phil Casparius as head of global financial institutions, Marco Zanuso as head of European distribution and Mark Finn as head of institutional relationship management.
The equity changes come after fixed income team changes announced in a July 12 memo by Conkey.
Fixed income changes
Fixed income team changes were announced in a July 12 memo by Conkey. Terry Carr, chief investment officer for Canadian Fixed Income, Endre Pedersen, Asia ex-Japan fixed income chief investment officer and Keisuke Tsumoto, head of fixed income Japan now report to John Addeo, global fixed income chief investment officer.
Donald Tucker was named head of US fixed income research and Caryn Rothman named co-head of US High Yield.
A Manulife spokesman confirmed all of the changes.
In July, Citywire reported that the firm's top gatekeeper Bob Boyda is preparing for his retirement in the first quarter of 2019, after 25 years with the firm.