L&G and Manulife Wealth & Asset Management (Manulife WAM) today announced a long-term multi-faceted strategic partnership. It spans distribution, investment management, and product development to enhance the global distribution reach of both firms.

The partnership is designed to leverage Manulife WAM’s asset management capabilities and broad distribution channels in North America and Asia, along with L&G’s strengths as a global asset manager and its leading position in annuities and reinsurance, according to a joint statement by the firms.

The multi-phase partnership is expected to cover several asset classes across public and private markets, including alternative credit, fixed Income, multi-asset solutions, and real estate, infrastructure, and natural capital, as well as investment products such as ETFs.

L&G is a global asset manager with around £1.2 trillion in AUM. It is a global investor across private and public markets, including in UK and European real estate, index & ETFs, active fixed income, multi-asset, liquid alternatives, cash and liquidity funds, and infrastructure. Last year, it set out its plan to deliver international growth through a build, partner or buy strategy.

Eric Adler, CEO of L&G Asset Management, said: “Our new partnership with Manulife Wealth & Asset Management will broaden investor access to L&G’s public and private markets investment solutions and expand our global distribution reach.

Manulife WAM is a global wealth and asset management firm with more than CAD$1.3 trillion in AUM and administration. It operates in 20 geographies, including 10 in Asia, and distributes investment solutions across complementary distribution channels, including retail (intermediary), retirement, institutional, and wealth.

Paul Lorentz, CEO of Manulife WAM, commented, “We see tremendous opportunities for both organizations in this strategic partnership as we leverage our complementary strengths: our Canadian, US, and Asian asset management capabilities, along with breadth in distribution channels in North America and Asia, with L&G’s distribution capabilities and strength in global asset management.”

Implementation of the partnership is expected across a range of initiatives that will roll out over several years.