Portfolio management responsibilities for Manulife Preferred Income Class will change with the appointment of a co-lead for the fund, effective immediately, Manulife Investments said Monday.

Richard Cortese, managing director, Canadian fixed oncome, Manulife Asset Management (MAM) will assume duties as co-lead. His investment team will include Roshan Thiru and Altaf Nanji, both managing directors at MAM. Terry Carr, senior managing director and head of Canadian Fixed income at MAM will continue to co-lead the fund. The fund’s objective and strategy of offering exposure to a portfolio primarily consisting of Canadian preferred shares will remain the same.

Cortese plays an active, senior role in a significant proportion of the Canadian Fixed Income team’s fixed income products, Manulife says. He is responsible for developing investment strategy with a focus on corporate debt.

Carr has over 25 years of experience as an investment professional and is a senior member of the Manulife Asset Management investment committee.

Manulife Investments is a division of Manulife Asset Management Ltd.