Manulife Targets Canada’s Rich in Industry a Decade Behind U.S.
- The $364 billion asset manager adding to its wealth managers
- One-stop financial shopping for the rich is hot business
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Manulife Financial Corp. plans to more than double assets in its wealth unit and hire five new portfolio managers as it targets the growing business of Canada’s rich.
Canada is about 10 years behind the U.S. in offering financial services to the wealthy under one umbrella -- from investment management to tax planning -- and the industry is ripe for growth and consolidation, said Glen Brown, head of Manulife Private Wealth.