TORONTO, May 20, 2014 /PRNewswire/ -- Manulife today announced that Kai Sotorp has been appointed President and CEO of Manulife Asset Management and Executive Vice President and Global Head of Wealth and Asset Management. In this new role at the Company, Mr. Sotorp, who brings 25 years of international financial services and asset management experience, including extensive experience in Asia, will be responsible for growing and developing the Company's wealth and asset management operations globally. His appointment is effective on or about July 1, 2014. Mr. Sotorp will be a member of Manulife's Executive Committee and Management Committee. He will report to Warren A. Thomson, Senior Executive Vice President and Chairman of Manulife Asset Management. He will be based in Toronto, subject to immigration approvals. "Kai is a proven business leader with extensive global experience in wealth and asset management," said Mr. Thomson. "Developing Manulife Asset Management to its fullest is an important strategic priority for Manulife. Today, Manulife Asset Management manages assets totaling $298 billion on behalf of institutional and retail clients. Kai's exemplary track record and international experience make him the ideal candidate to drive this business to its highest potential." "I am privileged to be joining Manulife to contribute to the strong global ambitions of an already very successful asset management business. I am impressed with the caliber of the firm's professionals and its strong culture of excellence and client focus. Combined with strong performance and an integrated business model, Manulife has all the elements required for global distinction," said Mr. Sotorp. As President and Chief Executive Officer of Manulife Asset Management, Mr. Sotorp will directly oversee Manulife Asset Management, the Company's global asset manager, and will partner in product development and distribution with Manulife's wealth businesses providing mutual funds, group pensions and investment-linked insurance globally. He succeeds Mr. Thomson, who had held that title on an interim basis.