James Chen, who oversees institutional coverage for Asia, won’t be directly replaced. But a Manulife alumnus has rejoined to help run the China business.
The German insurer is using its new holding company as a platform to develop its business faster in China, but more rivals will be there soon.
Asset owners have been caught between a rock and a hard place. Volatile equity markets are forcing them into fixed income but options are fast dwindling.
The Canadian institution's asset management arm has hired a senior executive to help develop its investment management business in the "must-win battlefield" of China.
The increase in exposure will mainly be driven by heavier co-investments in the region and by adding more country-focused managers.
The firm may follow Allianz and FWD in setting up a new insurance unit after Beijing's recent relaxation of ownership rules, as asset and wealth managers seek majority local ownership.