John Hancock Financial Services Inc. announced on June 30 that it would add eight mutual funds managed by Grantham, Mayo, Van Otterloo & Co., known as GMO, to its roster.
The deal will increase Hancock’s fund family to 40 from 32. Hancock will offer retail versions of the GMO funds, which currently are available to institutional investors, a Hancock spokeswoman said. The funds will be run for Hancock by GMO, a Boston-based money manager that oversees more than $86 billion for institutions.
Hancock and GMO declined to identify the funds that are changing hands and the funds’ assets. The funds invest in growth and value stocks of U.S. and foreign companies, according to a regulatory filing.
“We are committed to becoming a top-tier player in the U.S. mutual fund marketplace and we are devoting the resources necessary to achieve this goal,” John D. DesPrez III, Hancock’s president and chief executive, said in a prepared release.