BOSTON John Hancock Funds Inc. announced Friday that it would sell its retirement plan record-keeping business to Universal Pensions Inc. of Brainerd, Minn., for an undisclosed price.
The subsidiary of John Hancock Financial Services Inc. manages about 1,300 defined-contribution plans covering 160,000 participants. At the end of last year it managed $2.2 billion of assets.
John Hancock would continue to manage the assets of the business, and Universal Pensions would assume the record-keeping and support responsibilities. The deal is scheduled to close in the second quarter.