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Manulife hires Jenn Lundmark for real estate at US$77 billion unit

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Manulife Financial Corp added Jenn Lundmark to a private investing unit, one of three appointments announced Monday as Canada's largest life insurer expands its commercial property strategy.

[TORONTO] Manulife Financial Corp added Jenn Lundmark to a private investing unit, one of three appointments announced Monday as Canada's largest life insurer expands its commercial property strategy.

Ms Lundmark was named head of real estate fundraising at Manulife Asset Management's private markets unit, joining Sahezad Pardhan, who was hired as global chief financial officer for the operation, according to a company statement. Ken Pogrin, who was chief counsel for the firm in North America and global private markets, was named global head of business development and chief operating officer.

The assignments help Manulife in its "goal of growing our private asset management business significantly over the next five years," Kevin Adolphe, head of the private markets business and real estate, said in the statement.

Manulife is seeking to add institutional clients after forming the private markets unit in 2013 to help generate fee income. The Toronto-based insurer managed US$77 billion in private asset classes as of March 31, including money overseen for external clients and the company's own general fund.

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Ms Lundmark will focus on raising equity capital for real estate investments. She joined from American Realty Advisors in Chicago and previously worked at Goldman Sachs Group Inc. A person answering the phone at American Realty said no one was available to comment.

Mr Pardhan focuses on expanding third-party capital and joins the insurer from Oxford Properties Group, the real estate arm of Ontario's Omers pension fund. Jordan Ostapchuck, spokesman for Oxford Properties, had no immediate comment.

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