TORONTO Manulife Financial Corp (MFC.TO), Canada's largest life insurer, said on Monday it plans to expand its third party private asset management business, allowing clients to invest in assets such as timberland, farmland, real estate and private equity.
A new business unit, Manulife Asset Management Private Markets, will bring together teams that currently manage funds for third party investors and provide investors with access to Manulife's specialized private asset teams that historically have primarily served its general fund.
Toronto-based Manulife manages C$74 billion ($70.55 billion) of private market investments out of total funds under management of C$575 billion.
($1 = 1.0490 Canadian dollars)
(Reporting by Euan Rocha)