Canada-based financial services group Manulife has merged its Asian wealth and asset management divisions with the appointment of Michael Dommermuth to oversee Wealth and Asset Management, Asia.
In his new role, Dommermuth will set the strategic direction for continued growth in the retail wealth and asset management and institutional asset management markets across the region while reporting to Manulife executive vice president and global head of Wealth and Asset Management Kai Sotorp and Robert Cook, senior executive vice president of Manulife Asia.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The merger will consolidate regional operations and customer offerings of the unite enhancing the company’s ability to help clients meet their major financial goals.
The combined firm will target the huge stockpile of cash deposits amassed by savers across region earning little or no real returns that amounts to $19tn.
Dommermuth said: "Our mission as an integrated wealth and asset management services and solutions provider is to better understand why investors continue to underutilize such a large source of potential returns.
"We aim to help shift a portion of these cash holdings to more efficient investment solutions that have the potential to generate returns in excess of bank deposit rates or even to generate a recurring income stream to supplement other sources of household income. This includes equity, fixed income or mixed-asset investment solutions with risk profiles to match virtually any level of investor risk appetite."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
