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Manulife Investment Management, the global wealth and asset management arm of Canada’s largest insurer Manulife Financial MFC-T, 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.

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