John Hancock Funds announced on Tuesday its new John Hancock Alternative Asset Allocation Fund, a multi-managed fund that John Hancock will manage along with five other leading asset management firms: PIMCO, Wellington Management, Dimensional Fund Advisors, Stone Harbor, Deutsche Asset Management and First Quadrant.

The fund will have exposure to global real estate, commodities, natural resource equities, emerging market debt and absolute return funds. John Hancock noted that these alternative asset categories have different return patterns than the broad U.S. stock and bond markets and can offer significant diversification benefits.

“With more investors looking for ways to decrease volatility in their portfolios, the John Hancock Alternative Asset Allocation Fund offers a one-stop solution delivering exposure to various alternative asset classes and alternative strategies that act as diversifiers and may help to improve the risk-return profile of a traditional investment portfolio,” said Keith F. Hartstein, president and CEO of John Hancock Funds.

Most investors are under-weight alternative classes and strategies, and financial advisers have been asking for more alternative products, Hartstein added.