The financial services firm will hire five new portfolio managers and has set a target of doubling the assets its wealth unit manages. The division currently handles 400 clients with an average of $3 million each. (Bloomberg)
Talking point: Manulife said wealthy families in Canada are increasingly consolidating their various money matters—like investing, tax planning and philanthropy—with a smaller number of managers or firms. The number of those potential clients has also increased because of tech exits, the cryptocurrency boom and the marijuana industry’s many public offerings, mergers and acquisitions. That’s made a growing group of early employees, Bitcoin miners and pot entrepreneurs suddenly very liquid, and they’re turning to traditional financial institutions to manage the money.