Roger Renaud, president of Standard Life's Canadian arm which Manulife Financial Corporation is acquiring, will become president, Canada, of Manulife Asset Management on completion of the sale of all Standard Life's Canadian assets to Manulife, expected tomorrow, 30 January.
Renaud's position, reporting to Kai Sotorp, president and CEO of Manulife Asset Management, is a new one. He "will draw on his broad background to evolve our Canadian business model to meet our long-term asset management goals," said Sotorp.
Renaud will also assist with the integration of Standard Life Investments' Canadian operations into Manulife Asset Management, and work with Manulife's Canadian division and its wealth business. He joined Standard Life Investments in 1991 and has been president since 2005.
Manulife Financial's pending purchase of Standard Life's Canadian-based operations for £2.2bn (C$4bn) was first announced in September 2014 (see IAR, 4 September 2014, Standard Life Canada sold to Manulife for £2.2bn).
Manulife Asset Management had assets under management of about C$309bn (US$276bn) at 30 September 2014.
