Canada-based Manulife Financial is launching a business unit, Manulife Private Wealth, offering investment management, banking and advisory services.

The launch coincides with the opening of its first branch, at 250 Bloor Street East in Toronto. A Vancouver branch is scheduled to open in 2013, according to a statement.

"This new offering is designed as a collaborative service model allowing clients to retain existing trusted advisors, benefitting from their expertise and active participation in the relationship, while gaining consolidated investment management and private banking services," said Bernard Letendre, managing director, Manulife Private Wealth.

The unit employs a team model to exploit Manulife Asset Management's experience in domestic and international institutional investment management. An investment counsellor works with each client to build diversified portfolios; a private banker guides clients on managing cash and using appropriate credit facilities.

Manulife Financial oversaw C$514 billion ($504 billion) at 30 June. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the US.