NU Online News Service, Nov. 8, 11:50 a.m. – John Hancock Funds, Boston, announced that as of the close of business today, it will have acquired the assets and shareholder base of Pzena Focused Value Fund, currently managed by Pzena Investment Management, LLC, an independent New York-based investment adviser.
Shareholders of the Pzena fund voted to approve the transaction in a special meeting Nov. 6. The fund will now be known as John Hancock Classic Value Fund, though Pzena Investment Management will continue to manage it under a subadvisory agreement, Hancock says.
“We were attracted to the Pzena Focused Value Fund due to its team-managed approach, proven superior track record and disciplined deep-value investment style,” says Maureen Ford, chairman and chief executive officer of John Hancock Funds.
The acquisition is John Hancock Funds’ second of the year. Earlier this year, it acquired the U.S. Global Leaders Growth Fund from Yeager, Wood & Marshall, another independent New York-based asset manager.