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Thursday, November 03, 2011

Hancock Reveals a Jump in Sales and AUM

News summary by MFWire's editors

Manulife today unveiled some positive numbers for its John Hancock Mutual Funds [see profile] business in the U.S [see earnings call transcript].

Specifically, the unit reported sales of US$2.9 billion in the third quarter, a 27 per cent increase over the third quarter of 2010. Year-to-date sales of US$10.0 billion through September 30 exceeded full year sales of US$9.7 billion in 2010. "The increase in sales was attributable to a diversified offering of competitive funds, with strong performance in the Institutional channel in the third quarter of 2011," according to the firm.

In addition, funds under management for JH Funds increased to US$33.4 billion as at September 30, 2011, a six per cent increase from September 30. However, the unit reported net redemptions in the third quarter of 2011 "as a result of the significant market volatility."

Reuters also covered the earnings release. 

Edited by: Hung Tran

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