Manulife hires Citigroup's Liu for US$44 billion Asia bond unit

[TORONTO] Manulife Financial Corp, Canada's largest life insurer, hired Eric Liu from Citigroup Inc for a money- management unit that oversees US$44 billion in Asia.

Manulife Asset Management named Mr Liu a portfolio manager in the four-member Hong Kong dollar and renminbi fixed-income team, the company said in a statement Wednesday. Based in Hong Kong, he'll research, analyze and manage the securities and report to Paula Chan, a senior portfolio manager. He replaces Ronald Chan, who moves to head of North Asia investments, according to a spokeswoman for the company.

Bond markets denominated in the two currencies "hold the potential to generate attractive returns," Paula Chan said in the statement. "We see a time in the future when almost every diversified global investment portfolio will have an RMB component to benefit from the potential for returns in this dynamic but still evolving market."

Manulife Asset Management has been increasing its focus on Asia, promoting Endre Pedersen earlier this year to chief investment officer of the fixed-income operation in the continent beyond Japan. The unit of Toronto-based Manulife has more than 60 employees in 10 markets in the region. They managed more than US$44 billion of assets as of Dec. 31.

Mark Costiglio, a spokesman for New York-based Citigroup, didn't immediately return a message seeking comment.

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