Canadian financial services group Manulife has announced plans to overhaul its wealth and asset management operations by consolidating them into a primary reporting segment that will be known as Global Wealth and Asset Management.

Manulife expects the new businesses structure to enhance global alignment and direct accountability.

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The new segment will be headed by Paul Lorentz, who has been working at Manulife since 1993.

Lorentz will take up the new responsibility on 1 October 2017, replacing Kai Sotorp who will retire.

The firm also appointed Naveed Irshad as the head of its North America Legacy Business, comprising legacy annuity business, long-term care insurance and select long-duration, guaranteed insurance products.

Irshad, currently CEO of Manulife Singapore, will assume the new role on 1 January 2018. In the new capacity, he will be responsible for finding cost efficiencies and strategic transitions for these businesses if required.

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In addition, Anil Wadhwani has been named president and CEO of Manulife Asia. He will take up the new role on 13 November 2016.

Marianne Harrison, currently president and CEO of Manulife Canada, has been named president and CEO of Manulife’s US arm, known as John Hancock.

On the other hand, Michael Doughty, interim president and CEO of John Hancock, has now been named president and CEO of Manulife Canada. Both Harrison and Doughty will assume their new roles next month.

Manulife also named Philip Witherington as its new CFO, replacing Steve Roder who will retire on 31 December 2017. Witherington will assume the new position on 1 January 2018.

Manulife president and incoming CEO Roy Gori said: “We are confident that the changes we are making today will enable us to achieve our significant potential and deliver on our purpose of helping customers achieve their dreams and aspirations.

“Importantly, they showcase the bench strength of Manulife’s senior leadership team, and position us strongly as we accelerate our transformation.”