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Manulife Financial has named Paul Lorentz as senior vice-president, investment products and president, Manulife Investments. Lorentz joined Manulife in 1993, and most recently led Manulife’s distribution organization.

“This is a new senior executive position in our Canadian business that reflects our view that our wealth management business holds tremendous potential,” said Roy Firth, executive vice-president, individual wealth management, Manulife Financial. “We are strategically focusing on our wealth operations to ensure we are well-positioned to leverage these opportunities.”

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CFA announces annual Investment Research Challenge

Chartered Financial Analyst (CFA) Institute is holding their annual Investment Research Challenge (Americas) on March 17 and 18 in New York City.

Teams of four or five students from universities in Canada, America, Mexico and Brazil will compete to be one of the four teams to move on to the global final held in Hong Kong on April 17.

Over 1,500 students from over 425 universities have participated in the global competition.

Business, finance and accounting students were challenged to create and present a comprehensive research package on a company of their own choosing. The teams spend an average of six months researching and preparing their analysis with the help of a professional research analyst. Their findings, along with their buy/sell/hold recommendations, are to be presented to a panel of industry leaders who will then choose the winners.

The purpose of the CFA Institute Investment Research Challenge is to give future members of the investment industry a chance to improve their research and presentation skills through hands-on learning. Providing each team with a mentor also gives every participating student access to invaluable advice and knowledge.

For more information on this competition, go to the CFA website or click to here.

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Scotia’s Thai affiliate to expand

One of Scotiabank’s foreign affiliates, Thailand’s Thanachart Bank, has reached a deal to buy a 48% stake in that country’s Siam City Bank. Scotia owns a 49% stake in Thanachart.

Under Thai securities law, Thanachart will launch a bid for the remaining shares of Siam City, upon closing the current transaction. If the secondary bid is successful, the two banks would merge. Scotiabank would continue to own 49% of the merged bank, to be known as Thanachart Bank.

“On closing, this transaction would be immediately accretive to Scotiabank and is a prime example of the significant potential in international markets and the opportunities that Scotiabank has to achieve revenue growth by making strategic investments in countries where we have a well-established presence and a solid understanding of the market,” said Rob Pitfield, Scotiabank group head, international banking.

The combined bank will have more than 660 branches and be the fifth largest bank in Thailand as measured by assets and branches. Scotiabank has operated in Thailand since 1981, providing corporate lending, trade finance and treasury services to local and international companies.

(03/11/10)