John Hancock Funds' product lineup has added the John Hancock Floating Rate Income Fund, the Boston company's first high-yield short-term bond fund.
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It will invest in one-year paper rated below Baa or BBB and will be managed by Western Asset Management. It is available to investors as an underlying fund in its target-date funds and lifestyle funds.
John Hancock Funds, which had $59 billion of assets under management at the end of September, is a unit of John Hancock Financial Services, which had $398 billion of assets under management as of Sept. 30. They are units Manulife Financial Corp. of Toronto.
The new fund was announced Thursday.
