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Manulife Investment Management, the global wealth and asset management arm of Canada’s largest insurer Manulife Financial MFC-T, has cut 250 jobs globally, a spokesperson for the division said on Tuesday.

The layoffs are limited to Manulife Investment Management across its offices in U.S., Canada, Britain and Asia, the spokesperson said.

The job cuts impact roughly about 2.5 per cent of the total number of staff in Manulife’s wealth and asset management unit, according to a source.

The insurer, which has assets under management (AUM) of over $1.3-trillion and about 40,000 employees, reported better-than-expected earnings for the third-quarter earlier this month, boosted by insurance sales in Asia and higher returns on investment amid rising interest rates.

Canadian financial companies are also facing challenges from high costs and a slowing economy, forcing many banks to slash hundreds of jobs.

So far, Bank of Nova Scotia has announced 2,700 job cuts, Royal Bank of Canada has cut about 1,800 jobs and Bank of Montreal has laid off employees at its capital markets division.

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