(Reuters) - Manulife Investment Management, the global wealth and asset management arm of Canada's largest insurer Manulife Financial (NYSE:MFC), said on Wednesday it will buy London-based alternative credit manager CQS.
The news comes a day after Manulife Investment Management said it had cut 250 jobs across its offices in the U.S., Canada, Britain and Asia, as Canadian financial companies grapple with high costs and a slowing economy.
The financial terms of the CQS deal were not disclosed. It is expected to close in early 2024.
"CQS's capabilities are a complement to our existing fixed income and multi-asset solutions business," Manulife Investment Management said in a statement.
The CQS credit platform had about $13.5 billion in assets under management as of Oct. 31.
Earlier this month, parent Manulife announced better-than-expected results for the third quarter, bolstered by insurance sales in Asia and greater returns on investment despite increasing interest rates.