David Longfritz Named to Head Enterprise-wide Endeavor
Boston – John Hancock today announced that it has launched a new business unit to develop integrated lifetime retirement solutions for individuals, utilizing the products and services provided by its Wealth Management businesses. Already a leader in variable annuities, mutual funds and 401(k) financial products, John Hancock has formed the new Retirement Income and Rollover Solutions business unit specifically to create new solutions that compliment and complete clients’ lifetime retirement income goals.
In addition, David Longfritz was named Senior Vice President and General Manager of the new unit, effective February 20th.
“This exciting new business unit reflects our ongoing commitment to focus our expertise on developing products that meet the retirement income needs of our customers and the financial advisers who help them keep promises for a secure future,” said Hugh McHaffie, President of John Hancock’s Wealth Management group. “John Hancock has the highest financial strength rating assigned by Standard & Poor’s, AAA. As such, we are ideally positioned to serve the individual retirement market by providing annuities and mutual funds and other key retirement income products.”
Mr. McHaffie added: “David is an accomplished marketer, respected also for his strategic and analytical skills, and I am very pleased that he has accepted this position. As a former financial adviser, David has an ideal background for this position. He combines extensive business strategy training with deep product knowledge across the broad range of our wealth management products. David will work closely with me and with the business unit leaders company-wide to develop new retirement income products and services to meet the emerging needs of our customers and financial advisers.”
Mr. Longfritz, 46, previously was Senior Vice President, Marketing, for John Hancock Annuities, where he was the top marketing executive for more than six years.
Mr. Longfritz joined John Hancock (formerly Manulife Financial) in 2000. He was a financial adviser with Merrill Lynch for more than seven years, and spent ten years in consumer packaged goods marketing, most notably with Proctor and Gamble.
"This is an exciting opportunity for the company to push into white space not neatly covered by our decentralized business unit strategy," said Mr. Longfritz. “I expect we will hit the ground running thanks to a key group of talented managers who have already started to lay the strategic groundwork for this new unit."
About John Hancock and Manulife Financial
John Hancock is a wholly-owned subsidiary of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$414 billion (US$355 billion) as at December 31, 2006.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers a broad range of financial products and services, including life insurance, fixed and variable annuities, mutual funds, 401(k) plans, long-term care insurance, college savings and other forms of business insurance.
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