Hancock adds seven new mutual funds
Pushing to grow its retail mutual fund-business, John Hancock Financial Services Inc. is launching seven new funds.
The company, which sells its fund shares through financial advisers instead of directly to the public, will offer the new investment vehicles under an agreement with GMO LLC, a Boston investment management firm that deals exclusively with clients whose accounts have a minimum of $10 million in assets. The John Hancock funds will allow investors to open accounts with as little as $1,000, while still having the money in their mutual-fund accounts managed by GMO, who will serve as sub-adviser for the funds.
GMO -- the initials stand for Grantham, Mayo, and Van Otterloo -- gained notoriety during the 2004 presidential campaign for managing money for the families of John Kerry, the Democratic nominee for president, and Dick Cheney, the Republican nominee for vice president. Company chairman R. Jeremy Grantham is a well-known money manager.
John Hancock was acquired by Manulife Financial Corp. of Toronto in 2004 in a stock deal worth $10 billion. The company has since focused on growing John Hancock's mutual-fund business.
(By Keith Reed, Globe staff)
