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Manulife Financial Corp
Symbol MFC
Shares Issued 1,948,859,681
Close 2019-12-09 C$ 25.42
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Manulife Financial's Carr, Marjaee to retire in 2020

2019-12-09 16:53 ET - News Release

Mr. Bernard Letendre reports


Manulife Financial Corp.'s Manulife Investment Management has made changes to the Manulife Investment Management Canadian fixed-income team.

Terry Carr, senior managing director and chief investment officer of the Canadian fixed-income team, will retire on Sept. 30, 2020, after a distinguished 33-year career in the investment industry, including 17 years at Manulife Investment Management.

Hosen Marjaee, senior managing director and senior portfolio manager, will also retire on March 31, 2020, after a notable 38-year career in the investment industry.

With several months before their respective retirements, the transition of responsibilities will be gradual with Mr. Carr and Mr. Marjaee continuing to be active in fund management.

"We sincerely thank Terry and Hosen for their many contributions over the years and their continued dedication to the business," said Bernard Letendre, head of wealth and asset management, Canada. "Terry and Hosen have undoubtedly had a lasting and profound impact on our organization. At the same time, our team-based approach to senior leadership and portfolio management ensures we are continually leveraging the breadth and depth of talent across the organization."

Roshan Thiru, senior managing director and senior portfolio manager, will take on the role of head of Canadian fixed income. Mr. Thiru will also be added as a portfolio manager and lead the investment strategies for the funds and pools that Mr. Carr currently manages. This will ensure a smooth transition while the team continues to execute on its investment philosophy and process while seeking to provide strong results for investors.

Mr. Thiru has been a member of the Canadian fixed-income team since joining Manulife in 2008, focusing primarily on investment-grade corporate debt mandates. He is one of Manulife Investment Management's most experienced portfolio managers with strong leadership ability and has been instrumental in managing the team's strategies during his tenure. With more than 19 years in investment management, Mr. Thiru is well positioned to lead the Canadian fixed-income team.

Altaf Nanji, managing director and head of credit research, will be named as portfolio manager on the strategies, where Mr. Marjaee is a portfolio manager.

Andrew Gretzinger, managing director, has been appointed head trader for Canadian fixed income, effective March 31, 2020. His portfolio manager responsibilities will be assumed by members of the team.

"Our succession planning strategy ensures we are continually developing our investment professionals to provide a high level of consistency in the management of our clients' assets and their experience with our organization over the long term," said Mr. Letendre.

With average experience of over 20 years, the Canadian fixed-income team is backed by a seasoned 12-person team with expertise across the full spectrum of the fixed-income asset class. There are more than 100 fixed-income investment professionals at Manulife Investment Management globally.

About Manulife Financial Corp.

With its global headquarters in Toronto, the company operates as Manulife across its offices in Canada, Asia and Europe, and primarily as John Hancock in the United States. The company provides financial advice and insurance, as well as wealth and asset management solutions, for individuals, groups and institutions. At the end of 2018, the company had more than 34,000 employees, over 82,000 agents and thousands of distribution partners, serving almost 28 million customers. As of Sept. 30, 2019, the company had over $1.2-trillion ($881-billion (U.S.)) in assets under management and administration, and in the previous 12 months, the company made $29.8-billion in payments to its customers.

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