Aug. 19 (Bloomberg) -- Manulife Financial Corp., Canada’s largest life insurer, hired Peter Warnes from JPMorgan Chase & Co. to expand its asset-management unit in Asia.
Warnes, who started yesterday, is head of the international portfolio solutions group and is based in Hong Kong, the Toronto-based insurer said in a statement. He previously worked in Asia and London for JPMorgan asset management.
Manulife is among North American insurers seeking to add fee income by managing funds for outside investors. In May, the firm hired Kai Sotorp from UBS AG as chief executive officer of the asset-management business.
“Demand for asset allocation investment solutions is growing remarkably across Asia,” Michael Dommermuth, Manulife’s president of international asset management, said in the statement.
Manulife oversaw about $597 billion of funds as of June 30. Warnes will help clients figure out how much of their funds to invest in different types of assets. The business he’s joining oversees more than $5.9 billion for retail clients, sovereign wealth and pension funds, Manulife said.
Brian Marchiony, a JPMorgan spokesman, declined to comment.
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