Manulife eliminates 50 jobs as it outsources property management

MANULIFE Financial is eliminating about 50 jobs in the US and Canada as part of a plan to outsource some real estate operations and focus more on investing.

Most of the workers will retain similar positions with Jones Lang LaSalle, which is taking over the property operations, a spokesperson for Toronto-based Manulife said in an emailed statement.

Manulife, which owns about 63 million square feet of real estate in 29 cities around the world through its asset-management arm, is shifting some property operations to Jones Lang LaSalle while it focuses on the investment side of the business. Manulife said it still plans to increase its overall headcount.

Teams working in Canada property operations will move to Jones Lang LaSalle in March, Manulife said. The firm has a short-term contract with Jones Lang LaSalle for leasing services, and a range of brokerage firms will provide the service after that, it said. BLOOMBERG