John Hancock Funds, a Boston unit of Manulife Financial Corp. of Toronto, launched a mutual fund that seeks long-term growth of capital by investing most of its assets in domestic equity securities.
The John Hancock Classic Value Mega Cap Fund, introduced Thursday, has been available to investors through their financial advisers since March 5. The fund is subadvised by Pzena Investment Management LLC, a New York firm that manages $9.3 billion of assets as the subadviser to the John Hancock Classic Value Fund and Classic Value Fund II and the John Hancock International Classic Value Fund.
For the new fund, Pzena chooses these securities from a universe of the largest 250 publicly traded U.S. companies with market capitalizations of more than $15 billion.
Pzena, founded in 1995, manages more than $27.3 billion of assets for institutional clients.
John Hancock Funds managed more than $54.4 billion of assets at yearend. Its immediate parent, John Hancock Financial Services, had $355 billion of assets under management.
