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Wednesday, July 09, 2003|
Hancock Set to Merge Funds
John Hancock is getting set to merge its Pacific Basin fund into its International fund. The reason for the move is failure of the $20 million fund to gather significant enough assets.
The fund has failed to gain significant new assets despite a top-notch performance record turned in by subadvisor Nicholas Applegate Capital Management. Nicholas Applegate also subadvises the International fund, so it does not stand to lose assets under management because of the move.
This is not the first time this year Hancock turned to the International fund to aggregate assets in existing funds. It also merged its European and Global funds into the International fund.
Hancock officials expect to merge the two funds in the fall if fund shareholders approve the plan. The shareholder meeting is scheduled for September 24.
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