John Hancock Financial Services, the Boston-based financial services company, continued its fund adoption strategy by entering into a sub-advisory agreement with high-end Boston-based institutional asset manager GMO. According to the agreement, John Hancock will market eight of GMO's funds in addition to the company's existing line of 32 open-end mutual funds, retaining GMO as sub-advisor.

"The objective is to take John Hancock funds from a second-tier fund company to a first-tier company, and we'll do it effectively overnight in this transaction," the company's President and Chief Executive Officer John D. DesPrez III, said in a Boston Globe report.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.