John Hancock may be rumored to have its eye on
Liberty, but the firm is
definitely in the market for something a little more modest. For the past
nine months, the firm has been looking for an acquisition to help fill out
gaps in its fund family.
"We're out sniffing around for an acquisition," said
Keith
Hartstein, senior vice president of sales and marketing. "We're looking
for a small player in the managed money area that our distribution would
help. So, either a fund company or money manager."
What holes is Hancock trying to fill?
"Large cap growth is the most notable area," said Hartstein. "Deep value is
another area, and global is another."
Primarily, however, Hartstein said that the firm is on the lookout for growth.
"This is the time to be buying growth, get it on sale," he said. "That's
what we're looking for: it's our most pressing need."
In nearly a year, however, Hancock has not come close to a sale. Hartstein
said that top-dollar demands have slowed the market across the board.
"We've seen a lot of stuff out there, but the prices are still crazy. We're
not going to be foolish about it," he said. "Many of the things we've
looked at haven't moved, so it's not that we've missed out on deals and
other have been snapping them up, but the deals just aren't getting
done."
We are just seeing the fins start to circle now that many firms, especially
in the growth arena, have lost chunks of assets and are bleeding into the
water. Could this be the trailer for
Jaws V?
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