Manulife Wealth and Asset Management (WAM) has struck a distribution, investment management and product development partnership with L&G – Asset Management in the U.K.
London-based L&G, like Manulife WAM, is an insurance-owned investment manager. L&G has £1.2 trillion in assets under management.
The deal provides both firms expanded distribution reach and addresses product gaps, Manulife said in an email. It “supports the expansion of its product platform across public and private markets, and the retail, institutional, retirement and wealth businesses to bring a more comprehensive and competitive offering to all markets where it currently operates.”
The agreement takes advantage of Manulife WAM’s distribution channels in North America and Asia and L&G’s global presence in asset management, annuities and reinsurance. It includes asset classes in public and private markets like alternative credit, fixed income, real estate and ETFs. Together, the firms will serve clients in Europe, Asia, Bermuda, Canada and the U.S.
“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,” Paul Lorentz, CEO of Manulife WAM, said in a statement. “This strategic partnership will … bring a more comprehensive and competitive offering to all markets where we currently operate.”
The asset management firms will announce specific investment product collaboration at a later date, Manulife said.