John Hancock Financial Services
is one step closer to a sale. The revelation was made by David D'Alessandro
, chairman and chief executive, during a conference call to investors.
D'Alessandro said that the firm has "passed the first hurdle" in a sale and that it is seeing interest from potential buyers.
"Is my phone ringing off the hook these days? Yes, my phone rings more these days and there are more people that seem to have a reason to stop in Boston to say hello," he told investors. Yet he provided no names.
However, he added that a sale faces one final regulatory and could be stopped by the Massachusetts insurance commissioner. A sale would also require a two-thirds vote from the Hancock board.
The insurer demutualized in January of 2000 and was unable to enter into sale talks for two years from that date. During the two-year waiting period, it has exited non-profitable sides of the investment business. Those efforts included the sale of its full-service 401(k) plan business.
It has also boosted its efforts to sell funds through advisors and other 401(k) providers' platforms.
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