John Hancock Funds has launched the John Hancock Hedged Equity & Income Fund, a closed-end fund that had its initial public offering on the New York Stock Exchange on Friday. This is Hancock’s tenth closed-end fund. Wellington Management is the subadvisor.

The John Hancock Hedged Equity & Income Fund “is a terrific example of the benefits of our business model at John Hancock Funds,” said Keith F. Hartstein, president and CEO of John Hancock Funds. “Instead of approaching the market from the standpoint of offering access to the core competencies of a proprietary asset manager, we are able to analyze the market to determine what investors’ most pressing problems and needs are, and then we are able to search the marketplace for an asset manager who can address those needs.”

The new fund invests in equities, employs sophisticated risk-mitigation tools, uses an overlay strategy to select from more than 100 Wellington equity strategies and provides quarterly income.

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