Manulife made a number of structural and leadership changes across its North American and Asian units.

The Toronto based firm is bringing its Global Wealth and Asset Management units together into a primary reporting segment, Global Wealth and Asset Management. This the company says, in a press release, will enable it to capture significant market opportunities and take greater advantage of its global scale and talent.

Paul Lorentz has been appointed head, Global Wealth and Asset Management. He joined Manulife in 1993 and has worked across a variety of senior roles in the company’s wealth and insurance businesses. His appointment is effective October 1, 2017. He will report to Warren Thomson, Manulife’s chief investment officer. Lorentz will also join Manulife’s Executive Committee. Kai Sotorp, head, Global Wealth and Asset Management, has decided to retire. 

Asian Moves

The current CEO of Manulife Singapore Naveed Irshad has been appointed head, North America Legacy Business, effective January 1, 2018. Irshad's Manulife career spans 20 years, and includes extensive life insurance, product risk and reinsurance experience. He has worked in the U.S. and Canada, in addition to Singapore. He will report jointly to the heads of Manulife’s U.S. and Canadian businesses and will join Manulife’s Executive Committee. 

As a result Anil Wadhwani has been appointed president and CEO of Manulife Asia, effective November 13, 2017. Wadhwani is a global financial services leader who has spent his 25-year career with Citi, primarily in growth roles across consumer banking in Asia, with a focus on customer experience and digitization. He has extensive wealth management and insurance distribution experience, and most recently served as the global head of operations for Citi’s consumer bank, based in New York. 

Philip Witherington, currently the interim President and CEO of Manulife Asia, has been appointed Manulife’s chief financial officer, effective January 1, 2018, subject to immigration approvals. Before taking his current role, Witherington served as Manulife Asia’s CFO since 2014. Prior to joining Manulife, he was the Asia-Pacific head of finance for retail banking and wealth management at HSBC.