Manulife Investment Management on Wednesday confirmed that it has dissolved the property operations team under Manulife Investment Management, the unit that oversees its real estate portfolio. This has resulted in around 50 employees being laid off from the company in Canada, with a yet unconfirmed number of layoffs in the US.
The move is the result of changes to its operating model and regional coverage strategy in North America, according to a statement received by the real estate publication Storeys. The company will be outsourcing property operations services from Chicago-based commercial real estate and property management firm Jones Lang LaSalle (JLL).
“In Canada, we are evolving our organization away from property operations to refocus our business as an entrepreneurial investment manager,” the statement read. “As part of this repositioning, our teams working in Canada property operations will move to JLL in March 2023. We have a short-term contract with JLL for leasing services, and thereafter leasing will be provided by a range of brokerage firms.”
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The company did not disclose more details including the total number of employees that will be impacted by the changes.
Manulife, which is Canada’s biggest life insurer, is among other financial services companies that have cut jobs in the past few months. Rising interest rates have pushed companies to look for ways to cut costs, and many have trimmed their workforce. The Royal Bank of Canada, Canada’s largest lender, and Bank of Montreal also recently cut jobs in the United States.
Information for this briefing was found via Storeys, Reuters, and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
