Manulife cuts 250 wealth and asset management jobs

Manulife Investment Management, the wealth and asset management arm of Canadian insurer Manulife, has cut 250 jobs across the US, Canada, UK and Asia.

“Like every other asset manager, we are weathering sustained market volatility and, for the first time in 15 years, a market cycle of higher-for-longer interest rates,” Paul Lorentz, chief executive officer of Manulife Investment Management, said in a memo to employees according to a report by Ignites, a fund industry publication.

The job cuts impact ~2.5% of the total number of staff in Manulife’s wealth and asset management unit.