Manulife Financial Corp. cut 250 jobs in its wealth and asset management unit, trimming staff at offices in the US, Canada, the UK and Asia.

“Like every other asset manager, we are weathering sustained market volatility and, for the first time in 15 years, a market cycle of higher-for-longer interest rates,” Paul Lorentz, chief executive officer of Manulife Investment Management, said in a memo to employees, first reported by Ignites, a fund industry publication.

Manulife is going ahead with the job cuts after reporting a boost in third-quarter earnings from its business in Asia, where insurance sales in Hong Kong to mainland Chinese visitors continue to improve after the loosening of pandemic travel restrictions.

The Toronto-based insurer and asset manager said core earnings grew by 28% to C$1.74 billion ($1.3 billion), or 92 cents a share, in the third quarter, compared to expected 83 cents, the average of estimates compiled by Bloomberg.