John Hancock Funds is re-opening the $5.8 billion John Hancock Regional Bank Fund to new investors on Nov. 4. It was closed 19 months ago after cash levels rose to 20 percent, and fund officials were worried about being able to preserve the fund's style of investing in small- to mid-sized banks. The cash level is now down to seven percent. "Regional bank stocks have reached a point where they represent unusually good value," said James K. Schmidt, head of the fund's portfolio management team.
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