Canada’s Manulife appoints Kai Sotorp as head of asset management
26 May 2014
Category: News, Global, USA
By Daniel Shane
Manulife Asset Management (MAM) has appointed the former head of UBS’s global asset management business in Asia-Pacific as its new chief executive officer.
Kai Sotorp, who will move from Hong Kong to Toronto for his new role, will oversee C$298 billion (US$273 billion) in AUM at Canada’s largest life insurer.
He will report to Warren Thomson, chairman of MAM, who previously held the chief executive role on an interim basis. Mr. Sotorp will begin work at MAM on July 1.
"Kai is a proven business leader with extensive global experience in wealth and asset management," said Mr. Thomson, in a statement.
"Developing MAM to its fullest is an important strategic priority for Manulife. Today, MAM manages assets totalling C$298 billion on behalf of institutional and retail clients. Kai’s exemplary track record and international experience make him the ideal candidate to drive this business to its highest potential."
As head of UBS’s asset management unit in Asia-Pacific, Mr. Sotorp oversaw US$120 billion in AUM and 495 employees. Prior to this, he spent 11 years with UBS Global Asset Management in a variety of other roles, including group managing director in Chicago, CEO Americas and president of UBS Global Asset Management (Japan).
He has also held senior roles at American International Group, AIGGIC Japan and Kemper Financial Services.