MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, April 24, 2001 Hancock Prowls for Acquisition 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? Related stories: AIG Bears Down on Liberty Sale , Apr. 6, 2001 Printed from: MFWire.com/story.asp?s=26526 Copyright 2001, InvestmentWires, Inc. All Rights Reserved |