Manulife Asset Management has expanded its asset allocation investment capability with the appointment of Peter Warnes as head of portfolio solutions group (PSG), international.
Based in Hong Kong, Warnes will work closely with his asset allocation and international sales and relationship management colleagues to meet the increasing demand for asset allocation solutions outside of North America.
Michael Dommermuth, president, international asset management, Manulife Asset Management, says: "Demand for asset allocation investment solutions is growing remarkably across Asia as constituent populations are ageing rapidly and responsibility for retirement income security is increasingly shifting from the state to individuals.
"Our Ageing Asia series of research suggests that Asian households allocate more than 50 per cent of their financial assets to bank deposits. With bank deposits providing negative real returns across most of the region, many individual investors see the potential for mixed-asset investment solutions to deliver attractive risk-adjusted returns, helping to build retirement savings or providing a recurring income stream to supplement other sources of household income during retirement. On the institutional side, we anticipate considerable demand from institutions looking for tailored asset allocation solutions to support long-term liabilities."
In addition to his portfolio management responsibilities, Warnes will set the strategic direction for continuing this encouraging growth for Manulife Asset Management's international business. He will join the company's global asset allocation committee and interface closely with peers on the global PSG team, which includes more than 20 asset allocation professionals and has more than USD119 billion in assets under management.
Warnes was previously with JP Morgan Asset Management, where he worked in both the Asia and London offices developing and managing global equity and global multi-asset investment portfolios. Previous to this he worked with Invesco Asset Management after having begun his career at Sun Alliance Investment Management in London.