John Hancock, a spokesperson at the company told the MutualFundWire.com, is launching a new fund: the John Hancock Large Cap Spectrum Fund. The big news about this product launch is that the firm is teaming up with competitors --
Alliance Capital and
Sanford Bernstein (an Alliance unit) -- to manage it.
The new fund is, of course, a multi-manager one. It will invest across the style spectrum in U.S. equities. Its initial offering period will be from January 14 through February 22.
John Hancock will manage 50% of the fund in core holdings, Sanford Bernstein will manage 25% of the fund in value securities, and Alliance will manage 25% in gross holdings.
"We went outside the firm for best of breed. Alliance, for instance, has a premiere growth strategy team," the spokesperson reported.
"I believe this is the first time in our history that we are partnering not with a distributor but a competitor," the official continued. "We are looking to partner with the best in the market in generating our products for our clients. If that means partnering with competitors again, we will do so."
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