TSX/NYSE/PSE: MFC SEHK: 945
BOSTON, March 27, 2023 /CNW/ - John Hancock Retirement, a company of Manulife Investment Management, announced today that Wayne Park has been appointed the head of its U.S. retirement plan and recordkeeping business with accountability for all aspects of the business including sales, relationship management, product, strategy, marketing, operations, and technology. Mr. Park joins the firm as CEO, U.S. Retirement, and will be based in Boston.
Manulife Investment Management is a global retirement leader and operates across a diverse footprint of markets with a strong presence in Asia, Canada, and in the U.S. With more than $332 billion in retirement assets under management and administration, the company supports over 260,000 retirement plans and serves over 8.7 million individual participants who rely on its retirement plan administration and investment expertise to help them prepare and save for their retirement.
Mr. Park most recently served as president of American Century Services, Inc. for American Century Investments, Inc., responsible for direct-to-consumer and retirement plan businesses as well as an operations group supporting all client markets and channels. Prior to that, he had been head of individual investors for T. Rowe Price Group, leading a business line that helped individual investors reach investment, college and retirement goals. Previously, Mr. Park had worked for the Vanguard Group as principal in its institutional retirement plan business.
He replaces Sue Reibel who retired from the position and her nearly 30-year career at Manulife on December 31, 2022. Mr. Park joins the global retirement leadership team and reports to Aimee DeCamillo, head of global retirement, Manulife Investment Management.
"We are happy to have found a leader of Wayne's caliber who brings incredible hands-on experience to the CEO role across multiple dimensions," said Ms. DeCamillo. "As we looked to the future of how to help provide secure retirements for our participants, we saw a combination of both leadership and intuition in participant needs and operational experience that will help to ensure success in the direction, evolution, and growth of our U.S. Retirement business."
"I look forward to leading the John Hancock Retirement business and to continuing the legacy of its commitment to working with financial professionals, TPAs and plan sponsors to achieve the best retirement outcomes for participants," said Mr. Park. "I am excited to join the global retirement leadership team and help the U.S. organization contribute to Manulife Investment Management's growing global retirement business."
John Hancock Retirement is the U.S. retirement business of Manulife Investment Management. For more than 50 years, we've helped people plan and invest for retirement; today, we're one of the largest full-service providers in the United States.1 We take a hands-on consultative approach based on the idea that no two plans—and no two plan participants—are exactly alike. We partner with plan sponsors, advisors, and third-party administrators to ensure that every plan is personal to the participant and delivers proven results.
As of December 31, 2022, John Hancock serviced over 55,000 retirement plans with over 3.2 million participants and over $187 billion in AUMA.2
1 "PLANSPONSOR 2022 Defined Contribution Recordkeeping Survey© 2022 Asset International, Inc.," PLANSPONSOR, 2022.
2 As of Dec 31, 2022, John Hancock Life Insurance Company (USA) supported 50,882 plans, 1,586,569 participants, and $89,537,417,404.05 in AUMA. John Hancock Life Insurance Company of New York supported 2,679 plans, 77,845 participants, and $ 5,128,624,337.04 in AUMA. John Hancock Retirement Plan Services LLC supported 1,879 plans, 1,633,777 participants, and $92,836,605,881.23 in AUMA. Participant Counts reflect all active participants with a balance. Approximate unaudited figures for John Hancock, provided on a U.S. statutory basis.
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 19 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
John Hancock Retirement Plan Services LLC provides administrative and/or recordkeeping services to sponsors or administrators of retirement plans through an open-architecture platform. John Hancock Trust Company LLC provides trust and custodial services to such plans. Group annuity contracts and recordkeeping agreements are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA (not licensed in NY), and John Hancock Life Insurance Company of New York, Valhalla, NY. Product features and availability may differ by state. All entities do business under certain instances using the John Hancock brand name. Each entity makes available a platform of investment alternatives to sponsors or administrators of retirement plans without regard to the individualized needs of any plan. Unless otherwise specifically stated in writing, each entity does not, and is not undertaking to, provide impartial investment advice or give advice in a fiduciary capacity. Securities are offered through John Hancock Distributors LLC, member FINRA, SIPC.
SOURCE John Hancock Retirement