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Thursday, May 03, 2012

Hancock's Mutual Fund Sales Turn Around

Reported by Neil Anderson, Managing Editor

John Hancock's [profile] mutual fund sales turned around last quarter. Today in its Q1 earnings report, Manulife revealed that its John Hancock Mutual Funds unit in the U.S. increased sales to US$3.1 billion in Q1 2012, up 29 percent from Q4 2011 yet down 10 percent from Q1 2011.

Excluding money-market mutual funds and 529 college savings plans, Hancock claimed US$0.9 billion of net mutual fund sales in Q1 2012. Its assets under management rose seven percent year-over-year to a record US$38.2 billion on March 31, 2012.

John Hancock Mutual Funds (“JH Funds”) also achieved record funds under management as of March 31, 2012 of US$38.2 billion, a seven per cent increase from March 31, 2011, due primarily to positive net sales. First quarter sales decreased 10 per cent to US$3.1 billion compared to first quarter of 2011 while increasing 29 per cent compared to fourth quarter 2011. Sales in the first quarter were impacted by low retail investor confidence at the start of the quarter. JH Funds was successful in expanding its product offering with approvals at a number of large broker-dealers. JH Funds experienced positive net sales10 of US$0.9 billion in the non-proprietary market segment, while the overall industry incurred net redemptions year-to-date through March 31, 2012. As of March 31, 2012, JH Funds offered 19 Four- or Five-Star Morningstar11 rated mutual funds.

"We continue to expand our Mutual Fund product offerings at a number of large broker-dealers," stated Jim Boyle, president of John Hancock Financial Services.

Manulife president and CEO Donald Guloien singled out the U.S. mutual fund business, as well as the insurance and 401(k) businesses, for delivering "solid" sales in Q1. 

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