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75-561: In 2004, Canadian multinational life insurance company Manulife Financial acquired John Hancock and operates it as an independent subsidiary. The company and the majority of Manulife's U.S. assets continue to operate under the John Hancock name. On April 21, 1862, the charter of the John Hancock Mutual Life Insurance Company was approved by John A. Andrew , governor of Massachusetts. There

150-583: A public company via an initial public offering on the Singapore Exchange . In April 2020, Manulife bought 49% of then privately held Mahindra AMC of India and renamed the JV Mahindra Manulife Investment Management Company. Manulife has had 13 presidents. Members of Toronto's Gooderham family have run the company for a combined 47 years of its history. The office of chairman of the board

225-583: A 14% increase in the previous year and was due both to the recovery in equity markets during the year and an inflow of new funds. As of 2011 the US remained by far the biggest source of funds, accounting for around a half of conventional assets under management or some $ 36 trillion. The UK was the second-largest centre in the world and by far the largest in Europe with around 8% of the global total. The 3-P's (Philosophy, Process, and People) are often used to describe

300-726: A Canadian broker and third party administrator of travel insurance. In 2010, the company announced that it had purchased Fortis Bank SA/NV's 49% ownership in ABN AMRO TEDA Fund Management Co. Ltd. The new joint venture, Manulife TEDA Fund Management Company Ltd. (Manulife TEDA), provides traditional retail and institutional asset management for clients in China. The other 51 percent is owned by Northern International Trust, part of Tianjin TEDA Investment Holding Co., Ltd. (TEDA). In June 2012,

375-536: A Canadian subsidiary of John Hancock, Maritime Life ; it was integrated into Manulife's Canadian operations. The headquarters and its 1,100 employees are based in 200 Berkeley Street, sometimes known as the "Old John Hancock Building" and 197 Clarendon Street. John Hancock no longer has a presence in the Back Bay tower at 200 Clarendon Street , still known by many Bostonians as the Hancock Tower. The company

450-509: A branch office in Beijing , the first multiple-branch license granted to a foreign-invested joint venture life insurance company. The firm is now licensed to operate in more than 50 Chinese cities. On September 29, 2003, Manulife announced its intent to acquire the Boston -based insurance company John Hancock Financial (including a Canadian subsidiary, Maritime Life ) for $ 10.4 billion in

525-483: A database with few privacy protections in place – accessed by more than 100 employees and shared with an unknown number of others. Go Public has also obtained an internal Manulife report written in the spring of 2021 that mirrors the insider's concerns. It documents data and privacy issues with that database, which at that point had existed for almost a decade. Investment management Investment management (sometimes referred to more generally as asset management )

600-610: A deal that included the purchase of all of the outstanding stock of the company from Lincoln National . Dominion Life was founded in Waterloo in 1889, and Manulife made a commitment to the community to retain a significant presence in Waterloo. In 1988, Manulife opened a new five-storey office building at 500 King Street North in Waterloo to house its Canadian Division. In 1996, the company entered an agreement with Sinochem to form Shanghai -based Zhong Hong Life Insurance Co. Ltd., China's first joint venture life insurance company, and

675-813: A longevity hub. Manulife Financial Manulife Financial Corporation ( French : Financière Manuvie ) is a Canadian multinational insurance company and financial services provider headquartered in Toronto , Ontario . The company operates in Canada and Asia as "Manulife" and in the United States primarily through its John Hancock Financial division. As of December 2021, the company employed approximately 38,000 people and had 119,000 agents under contract, and has CA$ 1.4 trillion in assets under management and administration. Manulife at one point serviced over 26 million customers worldwide. Manulife

750-552: A personal and business perspective. Greater money management can be achieved by establishing budgets and analyzing costs and income etc. In stock and futures trading , money management plays an important role in every success of a trading system. This is closely related with trading expectancy: “Expectancy” which is the average amount you can expect to win or lose per dollar at risk. Mathematically: Expectancy = (Trading system Winning probability * Average Win) – (Trading system losing probability * Average Loss) So for example even if

825-514: A poor choice of benchmark. Meanwhile, it does not allow the separation of the performance of the market in which the portfolio is invested from that of the manager. The information ratio is a more general form of the Sharpe ratio in which the risk-free asset is replaced by a benchmark portfolio. This measure is relative, as it evaluates portfolio performance about a benchmark, making the result strongly dependent on this benchmark choice. Portfolio alpha

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900-424: A reasonable price (GARP), market neutral , small capitalisation, indexed, etc. Each of these approaches has its distinctive features, adherents, and in any particular financial environment, distinctive risk characteristics. For example, there is evidence that growth styles (buying rapidly growing earnings) are especially effective when the companies able to generate such growth are scarce; conversely, when such growth

975-411: A specialist bachelor's degree , with title in "Investment Management" or in "Asset Management" or in "Financial Markets". Increasingly, those with aspirations to work as an investment manager, require further education beyond a bachelor's degree in business, finance, or economics. There is much discussion as to the various factors that can affect the performance of an investment manager, including

1050-566: A stock-for-stock merger. The merged entity would initially be led by John Hancock's CEO David F. D'Alessandro , but he would step down in June 2004. In 2008, Manulife announced that Gail Cook-Bennett would become the first female chair of the board. Cook-Bennett was the first female board member of the company appointed in 1978. In September 2009, the company purchased AIC's Canadian retail investment fund business. In October 2009, it purchased Pottruff & Smith Travel Insurance Brokers Inc.,

1125-474: A subsidiary of John Hancock Financial Services Inc. On January 27, 2000, shares of Hancock stock started to trade on the New York Stock Exchange under the symbol JHF. On September 29, 2003, Manulife Financial of Canada announced its intent to acquire John Hancock for $ 10.4 billion. The merged entity would be led by D'Alessandro, but he would step down in June 2004. The sale also included

1200-428: A three-factor model to describe portfolio normal returns ( Fama–French three-factor model ). Carhart (1997) proposed adding momentum as a fourth factor to allow the short-term persistence of returns to be taken into account. Also of interest for performance measurement is Sharpe's (1992) style analysis model, in which factors are style indices. This model allows a custom benchmark for each portfolio to be developed, using

1275-405: A trading system has 60% losing probability and only 40% winning of all trades, using money management a trader can set his average win substantially higher compared to his average loss in order to produce a profitable trading system. If he set his average win at around $ 400 per trade (this can be done using proper exit strategy) and managing/limiting the losses to around $ 100 per trade; the expectancy

1350-653: Is a strategic technique to make money yield the highest interest-output value for any amount spent. Spending money to satisfy cravings (regardless of whether they can justifiably be included in a budget) is a natural human phenomenon. The idea of money management techniques has been developed to reduce the amount that individuals, firms, and institutions spend on items that add no significant value to their living standards, long-term portfolios, and assets. Warren Buffett , in one of his documentaries, admonished prospective investors to embrace his highly esteemed "frugality" ideology. This involves making every financial transaction worth

1425-415: Is around: Expectancy = (Trading system Winning probability * Average Win) – (Trading system losing probability * Average Loss) Expectancy = (0.4 x 400) - (0.6 x 100)=$ 160 - $ 60 = $ 100 net average profit per trade (of course commissions are not included in the computations). Therefore, the key to successful money management is maximizing every winning trades and minimizing losses (regardless whether you have

1500-467: Is because equities are riskier (more volatile) than bonds which are themselves riskier than cash. Against the background of the asset allocation, fund managers consider the degree of diversification that makes sense for a given client (given its risk preferences) and construct a list of planned holdings accordingly. The list will indicate what percentage of the fund should be invested in each particular stock or bond. The theory of portfolio diversification

1575-418: Is obtained by measuring the difference between the return of the portfolio and that of a benchmark portfolio. This measure appears to be the only reliable performance measure to evaluate active management. we have to distinguish between normal returns, provided by the fair reward for portfolio exposure to different risks, and obtained through passive management, from abnormal performance (or outperformance) due to

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1650-422: Is often used to refer to the management of investment funds , most often specializing in private and public equity , real assets , alternative assets , and/or bonds. The more generic term asset management may refer to management of assets not necessarily primarily held for investment purposes. Most investment management clients can be classified as either institutional or retail/advisory , depending on if

1725-404: Is plentiful, then there is evidence that value styles tend to outperform the indices particularly successfully. Large asset managers are increasingly profiling their equity portfolio managers to trade their orders more effectively. While this strategy is less effective with small-cap trades, it has been effective for portfolios with large-cap companies. Fund performance is often thought to be

1800-437: Is that the investment manager prefers a closer, more open, and honest relationship with a company's management team than would exist if they exercised control; allowing them to make a better investment decision. The national context in which shareholder representation considerations are set is variable and important. The USA is a litigious society and shareholders use the law as a lever to pressure management teams. In Japan, it

1875-557: Is the case when a large active manager sells his position in a company, leading to (possibly) a decline in the stock price, but more importantly a loss of confidence by the markets in the management of the company, thus precipitating changes in the management team. Some institutions have been more vocal and active in pursuing such matters; for instance, some firms believe that there are investment advantages to accumulating substantial minority shareholdings (i.e. 10% or more) and putting pressure on management to implement significant changes in

1950-513: Is the largest insurance company in Canada and the 28th largest fund manager in the world based on worldwide institutional assets under management (AUM). Manulife Bank of Canada is a wholly-owned subsidiary of Manulife. Manulife was incorporated as "The Manufacturers Life Insurance Company" by Act of Parliament on June 23, 1887, and was headed by Canada's prime minister, John A. Macdonald , and Ontario's lieutenant-governor, Alexander Campbell (there were no conflict-of-interest guidelines at

2025-555: Is the professional asset management of various securities , including shareholdings, bonds , and other assets , such as real estate , to meet specified investment goals for the benefit of investors . Investors may be institutions , such as insurance companies, pension funds, corporations, charities, educational establishments, or private investors, either directly via investment contracts/mandates or via collective investment schemes like mutual funds , exchange-traded funds , or Real estate investment trusts . Source: Venture

2100-422: Is to report the after-tax position of some standard taxpayer. Performance measurement should not be reduced to the evaluation of fund returns alone, but must also integrate other fund elements that would be of interest to investors, such as the measure of risk taken. Several other aspects are also part of performance measurement: evaluating if managers have succeeded in reaching their objective, i.e. if their return

2175-439: Is traditional for shareholders to be below in the 'pecking order', which often allows management and labor to ignore the rights of the ultimate owners. Whereas US firms generally cater to shareholders, Japanese businesses generally exhibit a stakeholder mentality, in which they seek consensus amongst all interested parties (against a background of strong unions and labor legislation ). Conventional assets under management of

2250-413: Is what investment management firms are paid for. Asset classes exhibit different market dynamics, and different interaction effects; thus, the allocation of money among asset classes will have a significant effect on the performance of the fund. Some research suggests that allocation among asset classes has more predictive power than the choice of individual holdings in determining portfolio return. Arguably,

2325-454: The CAPM , allowing a better description of portfolio risks and a more accurate evaluation of a portfolio's performance. For example, Fama and French (1993) have highlighted two important factors that characterize a company's risk in addition to market risk. These factors are the book-to-market ratio and the company's size as measured by its market capitalization. Fama and French-, therefore proposed

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2400-620: The 1920s. In 1931, it opened its first southern China branch in British Hong Kong . Shortly thereafter, it established itself as a leading life insurer in the region with branches in Macau , Shantou and Amoy . In 1958, shareholders voted to change its legal form from a joint stock company to a mutual organization , making the company privately owned by its policyholders. In 1984, Manulife announced that it had acquired Waterloo, Ontario -based Dominion Life Assurance Company ,

2475-794: The New York Stock Exchange (NYSE) and the Philippine Stock Exchange (PSE) under the ticker "MFC", and on The Stock Exchange of Hong Kong (SEHK) under the ticker "945". In 2002, Manulife–Sinochem Life Insurance Co. Ltd. was granted approval by the China Insurance Regulatory Commission (CIRC) to open a branch office in Guangzhou , China, the first branch license granted to a foreign invested joint–venture life insurance company. In 2003, Manulife-Sinochem received approval for

2550-545: The US or BI-SAM in Europe) compile aggregate industry data, e.g., showing how funds in general performed against given performance indices and peer groups over various periods. In a typical case (let us say an equity fund ), the calculation would be made (as far as the client is concerned) every quarter and would show a percentage change compared with the prior quarter (e.g., +4.6% total return in US dollars). This figure would be compared with other similar funds managed within

2625-589: The United States and less so in Europe. However, as of 2019, the lines were becoming blurred. Money management is used in investment management and deals with the question of how much risk a decision maker should take in situations where uncertainty is present. More precisely what percentage or what part of the decision maker's wealth should be put into risk in order to maximize the decision maker's utility function . Money management can mean gaining greater control over outgoings and incomings, both in

2700-545: The United States, refers to both a firm that provides investment management services and to the individual who directs fund management decisions. The five largest asset managers are holding 22.7 percent of the externally held assets. Nevertheless, the market concentration, measured via the Herfindahl-Hirschmann Index , could be estimated at 173.4 in 2018, showing that the industry is not very concentrated. The business of investment has several facets,

2775-429: The acid test of fund management, and in the institutional context, accurate measurement is a necessity. For that purpose, institutions measure the performance of each fund (and usually for internal purposes components of each fund) under their management, and performance is also measured by external firms that specialize in performance measurement. The leading performance measurement firms (e.g. Russell Investment Group in

2850-655: The board includes expertly overseeing speculation portfolios for the benefit of clients to accomplish their monetary objectives. This incorporates key resource designation, developing broadened portfolios, and effectively observing execution while relieving gambles. Speculation administrators use exploration and examination to recognize valuable open doors and pursue informed choices, guaranteeing portfolios line up with client targets and hazard resilience. In addition, successful investment management requires adherence to ethical standards, compliance with regulations, and effective communication with clients. The term investment management

2925-467: The business. In some cases, institutions with minority holdings work together to force management change. Perhaps more frequent is the sustained pressure that large institutions bring to bear on management teams through persuasive discourse and PR. On the other hand, some of the largest investment managers—such as BlackRock and Vanguard —advocate simply owning every company, reducing the incentive to influence management teams. A reason for this last strategy

3000-514: The client is an institution or private individual/ family trust . Investment managers who specialize in advisory or discretionary management on behalf of (normally wealthy) private investors may often refer to their services as money management or portfolio management within the context of " private banking ". Wealth management by financial advisors takes a more holistic view of a client, with allocations to particular asset management strategies. The term fund manager, or investment adviser in

3075-472: The companies in which they hold shares (e.g., to hold managers to account, to ensure Board's effective functioning). Such action would add a pressure group to those (the regulators and the Board) overseeing management. However, there is the problem of how the institution should exercise this power. One way is for the institution to decide, the other is for the institution to poll its beneficiaries. Assuming that

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3150-441: The companies via the voting rights the shares carry and the consequent ability to pressure managements, and if necessary out-vote them at annual and other meetings. In practice, the ultimate owners of shares often do not exercise the power they collectively hold (because the owners are many, each with small holdings); financial institutions (as agents) sometimes do. Institutional shareholders should exercise more active influence over

3225-403: The company "demutualized," meaning that "John Hancock Mutual Life Insurance Company" formally ceased to exist, and a new company named "John Hancock Financial Services, Inc." came into existence. Policyholders received shares in the new company in exchange for giving up ownership in the old. Life insurance continued to be sold by an entity known as the "John Hancock Variable Life Insurance Company",

3300-593: The company financed the construction of the John Hancock Center (now known as 875 Michigan Avenue) in Chicago , which was the second tallest building in the world upon completion in 1969. The company sold the naming rights in 2018. In 1972, Dr. Mary Ella Robertson was named as the first black woman and first female to serve on the John Hancock Board. In 2000, led by David D'Alessandro ,

3375-607: The company had opened its first auxiliary agency the same year. In 1894, policies were sold in Grenada , Jamaica and Barbados ; Trinidad and Tobago , and Haiti in 1895; and British Honduras , British Guiana , China and British Hong Kong in 1897. In 1901, Manulife amalgamated with the Temperance and General Life Assurance Company, a Toronto-based Canadian life insurer that provided preferred rates to abstainers of alcohol. Manulife continued to offer abstainers rates into

3450-480: The company opened Manulife Cambodia, with headquarters in Phnom Penh . In 2013, Richard DeWolfe became the chair of the company's board, succeeding Gail Cook-Bennett, who retired after serving 34 years on the board. In 2009, Donald Guloien, the chief investment officer, succeeded Dominic D'Alessandro as president and CEO of the company. Shortly before his departure, D'Alessandro modified his retirement package;

3525-616: The employment of professional fund managers, research (of individual assets and asset classes ), dealing, settlement, marketing, internal auditing , and the preparation of reports for clients. The largest financial fund managers are firms that exhibit all the complexity their size demands. Apart from the people who bring in the money (marketers) and the people who direct investment (the fund managers), there are compliance staff (to ensure accord with legislative and regulatory constraints), internal auditors of various kinds (to examine internal systems and controls), financial controllers (to account for

3600-800: The expense: 1. avoid any expense that appeals to vanity or snobbery 2. always go for the most cost-effective alternative (establishing small quality-variance benchmarks, if any) 3. favor expenditures on interest-bearing items over all others 4. establish the expected benefits of every desired expenditure using the canon of plus/minus/nil to the standard of living value system. These techniques are investment-boosting and portfolio-multiplying. There are certain companies as well that offer services, provide counseling and different models for managing money. These are designed to manage grace assets and make them grow. Wealth management , where financial advisors perform financial planning for clients, has traditionally served as an intermediary to investment managers in

3675-455: The first female president and chief executive officer of John Hancock. She earned a reported $ 4.4 million in compensation in 2017. On March 3, 2023, Brooks Tingle was named the new President and CEO, effective April 1, 2023, with Marianne Harrison retiring after 20 years with the company. Mr. Tingle announced his leadership plans for the company to enhance human longevity and health in Boston as

3750-492: The first foreign invested joint-venture life insurance company in China authorized to sell mutual funds. In April 2016, Manulife became the first Canadian insurance company to offer life insurance to people who are HIV-positive, insuring people who have tested HIV-positive, who are between the ages of 30 and 65, and meet certain other criteria for life insurance policies that would pay up to $ 2 million upon death. In May 2016, Manulife US real estate investment trust became

3825-479: The global fund management industry increased by 10% in 2010, to $ 79.3 trillion. Pension assets accounted for $ 29.9 trillion of the total, with $ 24.7 trillion invested in mutual funds and $ 24.6 trillion in insurance funds. Together with alternative assets (sovereign wealth funds, hedge funds, private equity funds, and exchange-traded funds) and funds of wealthy individuals, assets of the global fund management industry totalled around $ 117 trillion. Growth in 2010 followed

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3900-577: The heart of the investment management industry are the managers who invest and divest client investments. A certified company investment advisor should conduct an assessment of each client's individual needs and risk profile. The advisor then recommends appropriate investments. The different asset class definitions are widely debated, but four common divisions are cash and fixed income (such as certificates of deposit), stocks , bonds and real estate . The exercise of allocating funds among these assets (and among individual securities within each asset class)

3975-410: The influence of the business cycle. This can be difficult however and, industry-wide, there is a serious preoccupation with short-term numbers and the effect on the relationship with clients (and resultant business risks for the institutions). One effective solution to this problem is to include a minimum evaluation period in the investment management agreement, whereby the minimum evaluation period equals

4050-566: The institution (for purposes of monitoring internal controls), with performance data for peer group funds, and with relevant indices (where available) or tailor-made performance benchmarks where appropriate. The specialist performance measurement firms calculate quartile and decile data and close attention would be paid to the (percentile) ranking of any fund. It is probably appropriate for an investment firm to persuade its clients to assess performance over longer periods (e.g., 3 to 5 years) to smooth out very short-term fluctuations in performance and

4125-414: The institution polls, should it then: (i) Vote the entire holding as directed by the majority of votes cast? (ii) Split the vote (where this is allowed) according to the proportions of the vote? (iii) Or respect the abstainers and only vote the respondents' holdings? The price signals generated by large active managers holding or not holding the stock may contribute to management change. For example, this

4200-413: The institutions' own money and costs), computer experts, and "back office" employees (to track and record transactions and fund valuations for up to thousands of clients per institution). Key problems include: Institutions often control huge shareholdings. In most cases, they are acting as fiduciary agents rather than principals (direct owners). The owners of shares theoretically have great power to alter

4275-485: The investment manager's investment horizon. An enduring problem is whether to measure before-tax or after-tax performance. After-tax measurement represents the benefit to the investor, but investors' tax positions may vary. Before-tax measurement can be misleading, especially in regimens that tax realised capital gains (and not unrealised). It is thus possible that successful active managers (measured before tax) may produce miserable after-tax results. One possible solution

4350-454: The linear combination of style indices that best replicate portfolio style allocation, and leads to an accurate evaluation of portfolio alpha. However, certain research indicates that internet data may not necessarily enhance the precision of predictive models. At the undergraduate level, several business schools and universities internationally offer "Investments" as a subject within their degree; further, some universities, in fact, confer

4425-548: The manager's qualifications. Some conclude that there is no evidence that any particular qualification enhances the manager's ability to select investments that result in above-average returns. But see also Chartered Financial Analyst § Efficacy of the CFA program re related research. Money management is the process of expense tracking, investing, budgeting, banking and evaluating taxes of one's money, which includes investment management and wealth management . Money management

4500-413: The manager's skill (or luck), whether through market timing , stock picking , or good fortune. The first component is related to allocation and style investment choices, which may not be under the sole control of the manager, and depends on the economic context, while the second component is an evaluation of the success of the manager's decisions. Only the latter, measured by alpha, allows the evaluation of

4575-515: The manager's true performance (but then, only if you assume that any outperformance is due to the skill and not luck). Portfolio returns may be evaluated using factor models. The first model, proposed by Jensen (1968), relies on the CAPM and explains portfolio returns with the market index as the only factor. It quickly becomes clear, however, that one factor is not enough to explain the returns very well and that other factors have to be considered. Multi-factor models were developed as an alternative to

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4650-486: The notion of rewarding risk and produced the first performance indicators, be they risk-adjusted ratios ( Sharpe ratio , information ratio) or differential returns compared to benchmarks (alphas). The Sharpe ratio is the simplest and best-known performance measure. It measures the return of a portfolio over above the risk-free rate, compared to the total risk of the portfolio. This measure is said to be absolute, as it does not refer to any benchmark, avoiding drawbacks related to

4725-779: The penalty on Manulife Bank of Canada, alleging that the bank failed to file a suspicious transaction report, which was designed under the Proceeds of Crime ( Money laundering ) and Terrorist Financing Act to detect criminal activity. In an interview with Go Public, a Manulife insider claimed there were major privacy issues within the company's Canadian banking division that have potentially put thousands of customers at risk. According to that insider, whose identity wasn't revealed, customers' bank account information and other personal details – millions of names, addresses, account details, social insurance and credit card numbers, birth dates and transactions among other things – could be widely seen in

4800-471: The reasons why the manager can produce above-average results. Ethical or religious principles may be used to determine or guide the way in which money is invested. Christians tend to follow the Biblical scripture . Several religions follow Mosaic law which proscribed the charging of interest . The Quakers forbade involvement in the slave trade and so started the concept of ethical investment . At

4875-451: The restricted units would only vest for a total of $ 10 million if the shares reached $ 36 by the end of 2011, and he would receive $ 5 million if the shares hit $ 30. This was in response to shareholders' reaction to the first quarterly loss ever posted by the firm in its public history. Under Guloien's leadership, the first initiatives were a dividend cut and an equity offering to bolster Manulife's capital levels, making it difficult for

4950-706: The share price to reach the target levels needed to vest. In 2014, Manulife Financial simplified its logo and brand to refer to itself only as Manulife outside of the United States. In September of that year, Manulife agreed to acquire the Canadian operations of Standard Life for a fee of around US$ 3.7 billion. In April 2015, the company announced a partnership with DBS Bank, providing Manulife exclusive access to DBS customers in Singapore, Hong Kong, China and Indonesia in exchange for an initial payment of US$ 1.2 billion. In June 2015, Manulife-Sinochem became

5025-639: The skill of a successful investment manager resides in constructing the asset allocation, and separating individual holdings, to outperform certain benchmarks (e.g., the peer group of competing funds, bonds, and stock indices). It is important to look at the evidence on the long-term returns to different assets, and to holding period returns (the returns that accrue on average over different lengths of investment). For example, over very long holding periods (e.g. 10+ years) in most countries, equities have generated higher returns than bonds, and bonds have generated higher returns than cash. According to financial theory, this

5100-406: The time and it was not unusual for public persons to be involved in private industry). The idea for the company came from J. B. Carlile, who came to Canada as an agent for The North American Life Assurance Company . It was his firsthand experience on which the new company's product portfolio was based. The firm was founded as The Manufacturers Life Insurance Company in 1887. Its first president

5175-453: Was John A. Macdonald , the first Prime Minister of Canada . By 1890 the company sought to add additional financier support, appointing prominent Toronto businessmen W.G. Gooderham and Edward Roper Curzon Clarkson , whose accounting firm Clarkson Gordon & Co provided the auditing services for the company. The company sold its first policy outside of Canada in Bermuda in 1893, where

5250-453: Was created 1 January 1956 for outgoing president J. H. Lithgow. The first five chairmen had served previously as president. Since 1994, the chairman has been a non-executive post held by a director who had not been president. Manulife paid the $ 1.15 million penalty levied on its bank subsidiary for failing to disclose information on suspicious transactions. The Financial Transactions and Reports Analysis Centre of Canada ( FINTRAC ) imposed

5325-404: Was granted a license that made it the second foreign insurer to be allowed re-entry into China. That same year, the company amalgamated with North American Life . In 1999, its voting eligible policyholders approved demutualization , and the shares of Manulife, the holding company of The Manufacturers Life Insurance Company and its subsidiaries, began trading on The Toronto Stock Exchange (TSX),

5400-557: Was headquartered at 601 Congress Street in the Seaport District from 2005 to 2018, when it consolidated with offices it had retained in the Back Bay . John Hancock created an index called the "John Hancock Investor Sentiment Index" in 2011. The company describes the index as a "quarterly measure of investors' views on a range of investment choices, life goals and economic outlook." In October 2017, Marianne Harrison became

5475-448: Was not always a standardization for how the company name has been referenced. For example, a John Hancock advertisement from 1912 refers to the company as "John Hancock Mutual Life Insurance Company," but some John Hancock advertisements and newspaper articles from the 1930s refer to it as the "John Hancock Life Insurance Company." However, 1940s sources again refer to the company as the "John Hancock Mutual Life Insurance Company." In 1964,

5550-413: Was originated by Markowitz (and many others). Effective diversification requires management of the correlation between the asset returns and the liability returns, issues internal to the portfolio (individual holdings volatility), and cross-correlations between the returns. There is a range of different styles of fund management that the institution can implement. For example, growth , value, growth at

5625-527: Was sufficiently high to reward the risks taken; how they compare to their peers; and finally, whether the portfolio management results were due to luck or the manager's skill. The need to answer all these questions has led to the development of more sophisticated performance measures, many of which originate in modern portfolio theory . Modern portfolio theory established the quantitative link that exists between portfolio risk and returns. The capital asset pricing model (CAPM) developed by Sharpe (1964) highlighted

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