Toronto's ManuLife is getting serious about its U.S. mutual fund business. The insurer was never a player in the fund industry prior to its purchase of John Hancock, but it expects that to change in the future as it builds the John Hancock Funds
ManuLife's Boston-based fund arm is hiring another 10 wholesalers by the end of the year to add to the 21 hires it made earlier as part of its push into the market, reports the Boston Business Journal
. When the hiring is done, Hancock Funds will have 60 wholesalers on board.
On the investment side, Hancock Funds also tapped Sovereign Asset Management, a newly created ManuLife affiliate to advise its mutual funds starting on January 1. In November, the firm also moved seven of its institutional funds to its retail division. Last fall the firm also launched a new series of asset allocation funds.
The moves are intended to allow Hancock Funds to focus on its distribution and marketing skills and while the funds capitalize on Sovereign's asset management abilities.
, John Hancock Funds' president and CEO, said that the moves position the firm for 2006 and 2007.
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