L&G and Manulife Wealth & Asset Management (Manulife WAM) have partnered to develop wealth and retirement solutions for clients in Europe, Asia, the US, Canada, and Bermuda.
The arrangement will focus on several areas, including distribution, investment management, and the development of new products.
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The partnership will draw on Manulife WAM’s network and asset management experience in North America and Asia, as well as L&G’s presence in global asset management and its role in annuities and reinsurance.
L&G Asset Management CEO Eric Adler stated: “This is another example of L&G consolidating its position as a global asset manager and delivering on our strategy to build, partner or buy as we drive international growth.
“Our new partnership with Manulife Wealth & Asset Management will broaden investor access to L&G’s public and private markets investment solutions and expand our global distribution reach. We see immense potential in our complementary investment capabilities working together to address increasing demand for retirement and wealth solutions.”
Plans indicate that the partnership will extend across multiple phases and include various types of assets in both public and private markets.
These will cover alternative credit, fixed income, multi-asset strategies, real estate, infrastructure, natural capital, and investment options such as exchange traded funds.
Manulife WAM CEO Paul Lorentz commented: “We see tremendous opportunities for both organisations in this strategic partnership as we leverage our complementary strengths: our Canadian, U.S. and Asian asset management capabilities, along with breadth in distribution channels in North America and Asia, with L&G’s distribution capabilities and strength in global asset management.
“This strategic partnership will support the expansion of our product platform to bring a more comprehensive and competitive offering to all markets where we currently operate – reinforcing our commitment to be the number one choice for customers around the world.”
L&G reports assets under management of around £1.2tn ($1.6tn). Manulife WAM manages and administers more than C$1.3tn ($945bn) in assets.
