Manulife Financial, the Canada-headquartered financial services group, has appointed a new head of wealth management for Asia.

With immediate effect, Donna Cotter becomes vice president and head of wealth management, Asia, reporting to Philip Hampden-Smith, executive vice president and chief marketing officer for Asia. She has been with the wealth management team since March 2011 as head of the regional strategy and product development team. 

Cotter joined the firm's corporate development team in Hong Kong in January 2010. Prior to her move to Asia, she held various roles in Manulife's Canadian division since 2003, including in pension operations, Manulife Securities and Individual Wealth Management. 

Manulife has been strengthening its Asian wealth management business, where in the last two quarters it has enjoyed a 129 per cent rise in sales. 

"According to recent data by OCED, more than 1.2 billion people in Asia will enter the middle class by the year 2020. Combined with the growth in population, increase in the number of retirees, rapidly growing wealth levels and the gap in government provided social safety net provisions, Asia has a large need for solutions from financial institutions," said Manulife in a statement.

The firm's wealth management team in Asia sets the direction, goals and plans for the region. It also manages and develops regional mutual fund platforms and marketing strategies.