John Hancock Funds has tapped a custodian for $15 billion of its lifestyle funds which it plans to launch into the retail market. The mandate covers the five John Hancock Funds II funds of funds that invest in 47 underlying mutual funds.

The Boston-based fund firm awarded the mandate to State Street Corporation. The two firms have a longstanding relationship.

Gordon Shone, senior vice president of John Hancock, said that the two firms have worked together for more than 15 years and that Hancock was confident in the range of capabilities and skills to support multiple requirements of our retail Lifestyle Portfolios' launch.

"We felt comfortable that State Street has the depth and experience to service our operationally complex funds," he explained.

Jay Hooley, executive vice president and head of global investment servicing at State Street, said that State Street provides a variety of investment services to more than 40 percent of the mutual fund industry and that it is the largest contributor of mutual fund NAV's to NASDAQ.  

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