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40-539: In 2004, Canadian multinational life insurance company Manulife Financial acquired John Hancock and operates it as an independent subsidiary. The company and the majority of Manulife's U.S. assets continue to operate under the John Hancock name. On April 21, 1862, the charter of the John Hancock Mutual Life Insurance Company was approved by John A. Andrew , governor of Massachusetts. There

80-925: A US$ 100 billion pension fund to advise the fund on portfolio construction, asset allocation, fund manager selection, etc. The consultant would include the $ 100 billion in their firm's AUA. The consultant does not have discretion to manage the assets and thus would not include the assets in their firm's AUM. Global investment consultants with the largest AUA include Mercer ( US$ 15 trillion in AUA), Aon ( US$ 3.1 trillion in AUA), Russell Investments ( US$ 2.6 trillion in AUA), Meketa Investment Group ( US$ 1.7 trillion in AUA), Hamilton Lane ( US$ 734.8 billion in AUA), Albourne Partners ( US$ 700 billion in AUA) and Cambridge Associates ( US$ 548 billion in AUA). Institutional investors and asset managers rely on banks and non-bank financial institutions for processing domestic and cross-border trades, keeping financial assets safe and servicing

120-556: A public company via an initial public offering on the Singapore Exchange . In April 2020, Manulife bought 49% of then privately held Mahindra AMC of India and renamed the JV Mahindra Manulife Investment Management Company. Manulife has had 13 presidents. Members of Toronto's Gooderham family have run the company for a combined 47 years of its history. The office of chairman of the board

160-698: A Canadian broker and third party administrator of travel insurance. In 2010, the company announced that it had purchased Fortis Bank SA/NV's 49% ownership in ABN AMRO TEDA Fund Management Co. Ltd. The new joint venture, Manulife TEDA Fund Management Company Ltd. (Manulife TEDA), provides traditional retail and institutional asset management for clients in China. The other 51 percent is owned by Northern International Trust, part of Tianjin TEDA Investment Holding Co., Ltd. (TEDA). In June 2012,

200-524: A Canadian subsidiary of John Hancock, Maritime Life ; it was integrated into Manulife's Canadian operations. The headquarters and its 1,100 employees are based in 200 Berkeley Street, sometimes known as the "Old John Hancock Building" and 197 Clarendon Street. John Hancock no longer has a presence in the Back Bay tower at 200 Clarendon Street , still known by many Bostonians as the Hancock Tower. The company

240-500: A branch office in Beijing , the first multiple-branch license granted to a foreign-invested joint venture life insurance company. The firm is now licensed to operate in more than 50 Chinese cities. On September 29, 2003, Manulife announced its intent to acquire the Boston -based insurance company John Hancock Financial (including a Canadian subsidiary, Maritime Life ) for $ 10.4 billion in

280-501: A database with few privacy protections in place – accessed by more than 100 employees and shared with an unknown number of others. Go Public has also obtained an internal Manulife report written in the spring of 2021 that mirrors the insider's concerns. It documents data and privacy issues with that database, which at that point had existed for almost a decade. Assets under management In finance , assets under management ( AUM ), sometimes called fund under management , refers to

320-605: A deal that included the purchase of all of the outstanding stock of the company from Lincoln National . Dominion Life was founded in Waterloo in 1889, and Manulife made a commitment to the community to retain a significant presence in Waterloo. In 1988, Manulife opened a new five-storey office building at 500 King Street North in Waterloo to house its Canadian Division. In 1996, the company entered an agreement with Sinochem to form Shanghai -based Zhong Hong Life Insurance Co. Ltd., China's first joint venture life insurance company, and

360-426: A fund, such as a mutual fund or ETF , often shown on a per-share basis. NAV shows what price shares in a fund can be bought and sold at. AUM by contrast refers to the value of assets managed by an individual or firm, not a fund. Unlike NAV, AUM is in reference to the total value of assets being managed rather than expressed on a per-share basis. A related concept in the investment industry to assets under management

400-797: A longevity hub. Manulife Financial Manulife Financial Corporation ( French : Financière Manuvie ) is a Canadian multinational insurance company and financial services provider headquartered in Toronto , Ontario . The company operates in Canada and Asia as "Manulife" and in the United States primarily through its John Hancock Financial division. As of December 2021, the company employed approximately 38,000 people and had 119,000 agents under contract, and has CA$ 1.4 trillion in assets under management and administration. Manulife at one point serviced over 26 million customers worldwide. Manulife

440-562: A stock-for-stock merger. The merged entity would initially be led by John Hancock's CEO David F. D'Alessandro , but he would step down in June 2004. In 2008, Manulife announced that Gail Cook-Bennett would become the first female chair of the board. Cook-Bennett was the first female board member of the company appointed in 1978. In September 2009, the company purchased AIC's Canadian retail investment fund business. In October 2009, it purchased Pottruff & Smith Travel Insurance Brokers Inc.,

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480-464: A subsidiary of John Hancock Financial Services Inc. On January 27, 2000, shares of Hancock stock started to trade on the New York Stock Exchange under the symbol JHF. On September 29, 2003, Manulife Financial of Canada announced its intent to acquire John Hancock for $ 10.4 billion. The merged entity would be led by D'Alessandro, but he would step down in June 2004. The sale also included

520-430: Is a popular metric used within the traditional investment industry as well as for decentralized finance , such as cryptocurrency , to measure the size and success of an investment management entity. AUM represents the market value of all of the securities that a financial entity owns and manages, or simply manages. The AUM of an entity is often compared with historical data to express the amount (or lack) of growth. It

560-575: Is also often compared with the AUM of competitors, with an increase in AUM evidence of positive performance (growth). However, investment strategies may be capacity-constrained. This means that the strategy's investment performance is adversely affected if it manages too much capital. Namely, its performance is adversely affected if its AUM exceeds the strategy's capacity. As a result, these funds may be closed to new investors and oversubscribed. For such funds, AUM may not be an accurate metric of success. For example,

600-409: Is assets under advisement (AUA). This measures the total market value of all the financial assets that are advised by a financial institution, which is typically an investment consultant or intermediary. The advisory firm generally does not have discretion to manage the assets, but rather provides advice as to how those assets may be managed. For example, consider an investment consultant that is hired by

640-458: Is oversubscribed and closed to new investors. Methods of calculating AUM can vary between firms or decentralized protocols . Investment management companies generally charge their clients fees as a proportion of AUM, so assets under management, combined with the firm's average fee rate, are the key factors indicating an investment management company's top-line revenue. The fee structure may depend on contracted arrangements between each client and

680-513: Is the largest insurance company in Canada and the 28th largest fund manager in the world based on worldwide institutional assets under management (AUM). Manulife Bank of Canada is a wholly-owned subsidiary of Manulife. Manulife was incorporated as "The Manufacturers Life Insurance Company" by Act of Parliament on June 23, 1887, and was headed by Canada's prime minister, John A. Macdonald , and Ontario's lieutenant-governor, Alexander Campbell (there were no conflict-of-interest guidelines at

720-499: The SPDR S&;P 500 index fund manages nearly US$ 400 billion in assets. It is not capacity-constrained, and it is still open to new investors. In contrast, Renaissance Technologies' Medallion Fund has significantly outperformed the S&;P 500 index since its inception. However, it manages fewer assets (reportedly about US$ 34.8 billion ) than the SPDR S&P 500 index fund because it

760-608: The 1920s. In 1931, it opened its first southern China branch in British Hong Kong . Shortly thereafter, it established itself as a leading life insurer in the region with branches in Macau , Shantou and Amoy . In 1958, shareholders voted to change its legal form from a joint stock company to a mutual organization , making the company privately owned by its policyholders. In 1984, Manulife announced that it had acquired Waterloo, Ontario -based Dominion Life Assurance Company ,

800-753: The New York Stock Exchange (NYSE) and the Philippine Stock Exchange (PSE) under the ticker "MFC", and on The Stock Exchange of Hong Kong (SEHK) under the ticker "945". In 2002, Manulife–Sinochem Life Insurance Co. Ltd. was granted approval by the China Insurance Regulatory Commission (CIRC) to open a branch office in Guangzhou , China, the first branch license granted to a foreign invested joint–venture life insurance company. In 2003, Manulife-Sinochem received approval for

840-505: The associated portfolios, a business referred to traditionally as custody and increasingly as asset servicing. These service providers and others also carry out a range of fund administration activities. The measures Assets under Custody and Assets under Administration refer to a service provider's total market value of all the client assets held in the capacity of custodian and fund administrator respectively. Data collected by globalcustody.net on 50+ service providers records dramatic growth in

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880-403: The company "demutualized," meaning that "John Hancock Mutual Life Insurance Company" formally ceased to exist, and a new company named "John Hancock Financial Services, Inc." came into existence. Policyholders received shares in the new company in exchange for giving up ownership in the old. Life insurance continued to be sold by an entity known as the "John Hancock Variable Life Insurance Company",

920-571: The company financed the construction of the John Hancock Center (now known as 875 Michigan Avenue) in Chicago , which was the second tallest building in the world upon completion in 1969. The company sold the naming rights in 2018. In 1972, Dr. Mary Ella Robertson was named as the first black woman and first female to serve on the John Hancock Board. In 2000, led by David D'Alessandro ,

960-596: The company had opened its first auxiliary agency the same year. In 1894, policies were sold in Grenada , Jamaica and Barbados ; Trinidad and Tobago , and Haiti in 1895; and British Honduras , British Guiana , China and British Hong Kong in 1897. In 1901, Manulife amalgamated with the Temperance and General Life Assurance Company, a Toronto-based Canadian life insurer that provided preferred rates to abstainers of alcohol. Manulife continued to offer abstainers rates into

1000-474: The company opened Manulife Cambodia, with headquarters in Phnom Penh . In 2013, Richard DeWolfe became the chair of the company's board, succeeding Gail Cook-Bennett, who retired after serving 34 years on the board. In 2009, Donald Guloien, the chief investment officer, succeeded Dominic D'Alessandro as president and CEO of the company. Shortly before his departure, D'Alessandro modified his retirement package;

1040-446: The discretionary funds that investors have given an advisor to trade on their behalf. While different firms may include assets that others do not in their AUM computation, Assets Under Management typically include: For example, if fund managers contribute $ 2B of their capital to the fund and raise an additional $ 10B from investors, their AUM is $ 12B . Net asset value (NAV) is the total value of assets minus all its liabilities of

1080-512: The fees which the firm generates. Conversely, AUM are reduced by negative investment performance as well as redemptions or withdrawals, including fund closures, client defections and other generally adverse events. Lower AUM tend to result in lower fees generated. The precise definition of AUM varies by institution, as some firms may include certain assets as being "under management", while others may not. Some include bank deposits, mutual funds, and cash in their computation, while others only consider

1120-407: The firm or fund. Decentralized protocols also use a variety of ways to incentivize the growth of AUM, typically in the form of offering a return to those who serve the role of providing liquidity on the protocol. Assets under management rise and fall. They may increase when investment performance is positive, or when new customers and new assets are brought into the firm. Rising AUM normally increases

1160-451: The first female president and chief executive officer of John Hancock. She earned a reported $ 4.4 million in compensation in 2017. On March 3, 2023, Brooks Tingle was named the new President and CEO, effective April 1, 2023, with Marianne Harrison retiring after 20 years with the company. Mr. Tingle announced his leadership plans for the company to enhance human longevity and health in Boston as

1200-492: The first foreign invested joint-venture life insurance company in China authorized to sell mutual funds. In April 2016, Manulife became the first Canadian insurance company to offer life insurance to people who are HIV-positive, insuring people who have tested HIV-positive, who are between the ages of 30 and 65, and meet certain other criteria for life insurance policies that would pay up to $ 2 million upon death. In May 2016, Manulife US real estate investment trust became

1240-774: The penalty on Manulife Bank of Canada, alleging that the bank failed to file a suspicious transaction report, which was designed under the Proceeds of Crime ( Money laundering ) and Terrorist Financing Act to detect criminal activity. In an interview with Go Public, a Manulife insider claimed there were major privacy issues within the company's Canadian banking division that have potentially put thousands of customers at risk. According to that insider, whose identity wasn't revealed, customers' bank account information and other personal details – millions of names, addresses, account details, social insurance and credit card numbers, birth dates and transactions among other things – could be widely seen in

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1280-451: The restricted units would only vest for a total of $ 10 million if the shares reached $ 36 by the end of 2011, and he would receive $ 5 million if the shares hit $ 30. This was in response to shareholders' reaction to the first quarterly loss ever posted by the firm in its public history. Under Guloien's leadership, the first initiatives were a dividend cut and an equity offering to bolster Manulife's capital levels, making it difficult for

1320-752: The share price to reach the target levels needed to vest. In 2014, Manulife Financial simplified its logo and brand to refer to itself only as Manulife outside of the United States. In September of that year, Manulife agreed to acquire the Canadian operations of Standard Life for a fee of around US$ 3.7 billion. In April 2015, the company announced a partnership with DBS Bank, providing Manulife exclusive access to DBS customers in Singapore, Hong Kong, China and Indonesia in exchange for an initial payment of US$ 1.2 billion. In June 2015, Manulife-Sinochem became

1360-406: The time and it was not unusual for public persons to be involved in private industry). The idea for the company came from J. B. Carlile, who came to Canada as an agent for The North American Life Assurance Company . It was his firsthand experience on which the new company's product portfolio was based. The firm was founded as The Manufacturers Life Insurance Company in 1887. Its first president

1400-548: The total market value of all financial assets that a financial institution —such as a mutual fund , venture capital firm , or depository institution —or a decentralized network protocol manages and invests, typically on behalf of its clients. Funds may be managed for clients, platform users, or solely for themselves, such as in the case of a financial institution which has mutual funds or holds its own venture capital. The definition and formula for calculating AUM may differ from one entity to another. Assets under management

1440-448: Was John A. Macdonald , the first Prime Minister of Canada . By 1890 the company sought to add additional financier support, appointing prominent Toronto businessmen W.G. Gooderham and Edward Roper Curzon Clarkson , whose accounting firm Clarkson Gordon & Co provided the auditing services for the company. The company sold its first policy outside of Canada in Bermuda in 1893, where

1480-453: Was created 1 January 1956 for outgoing president J. H. Lithgow. The first five chairmen had served previously as president. Since 1994, the chairman has been a non-executive post held by a director who had not been president. Manulife paid the $ 1.15 million penalty levied on its bank subsidiary for failing to disclose information on suspicious transactions. The Financial Transactions and Reports Analysis Centre of Canada ( FINTRAC ) imposed

1520-404: Was granted a license that made it the second foreign insurer to be allowed re-entry into China. That same year, the company amalgamated with North American Life . In 1999, its voting eligible policyholders approved demutualization , and the shares of Manulife, the holding company of The Manufacturers Life Insurance Company and its subsidiaries, began trading on The Toronto Stock Exchange (TSX),

1560-544: Was headquartered at 601 Congress Street in the Seaport District from 2005 to 2018, when it consolidated with offices it had retained in the Back Bay . John Hancock created an index called the "John Hancock Investor Sentiment Index" in 2011. The company describes the index as a "quarterly measure of investors' views on a range of investment choices, life goals and economic outlook." In October 2017, Marianne Harrison became

1600-448: Was not always a standardization for how the company name has been referenced. For example, a John Hancock advertisement from 1912 refers to the company as "John Hancock Mutual Life Insurance Company," but some John Hancock advertisements and newspaper articles from the 1930s refer to it as the "John Hancock Life Insurance Company." However, 1940s sources again refer to the company as the "John Hancock Mutual Life Insurance Company." In 1964,

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