Manulife Confirms Opening of New Private Wealth Unit

(Corrects in first paragraph to say clients with at least C$1 million.)

Manulife Financial Corp. (MFC), Canada’s largest insurer, confirmed it will open a new business that serves high net-worth Canadian clients with at least C$1 million in liquid assets.

Manulife Chief Executive Officer Donald Guloien said in a telephone interview that the business is part of a new initiative and will be rolled out over the next year. Bernard Letendre will head the business, Manulife said.

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net

To contact the editor responsible for this story: Stefanie Batcho-Lino at sbatcholino1@bloomberg.net

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