Kai Sotorp has been appointed president and CEO of Manulife Asset Management and executive vice president and global head of wealth and asset management, Toronto-based Manulife Financial Corp. (TSX:MFC) said Tuesday.

In this new role at the company, 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 Manulife’s wealth and asset management operations globally. His appointment is effective July 1.

Sotorp will be a member of Manulife’s executive committee and management committee. He will report to Warren Thomson, senior executive vice president and chairman of Manulife Asset Management. He will be based in Toronto, subject to immigration approvals.

As president and CEO, Sotorp will directly oversee Manulife Asset Management 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 Thomson, who had held that title on an interim basis.

Most recently and since September 2012, Sotorp had been with UBS Global Asset Management as CEO, Asia Pacific. He was also UBS group managing director and member of UBS Global Asset Management’s executive committee. Based in Hong Kong, he oversaw US$120 billion in assets under management and 495 employees.

Previously, Sotorp had also spent 11 years with UBS Global Asset Management in a variety of roles, including group managing director based in Chicago, CEO Americas and member of UBS’ group managing board, regional head Asia Pacific, and president of UBS Global Asset Management (Japan).

Prior to UBS, Sotorp was with American International Group as President, AIGGIC Japan, and with Kemper Financial Services as an executive vice president.

He holds an MBA from Harvard Business School and a Bachelor of Science in Business Administration from Boston University.