News
August 24, 2003
(BOSTON-August 25, 2003)-John Hancock Advisers announced today that it has acquired the assets and shareholder base of the M.S.B. Fund, Inc., a diversified, large cap blend mutual fund managed by Shay Assets Management, Inc., an independent Chicago-based investment adviser.
Shareholders of the M.S.B. Fund voted to approve the transaction in a special shareholders' meeting on August 20 and the transaction closed Friday, August 22.
The fund will become part of the John Hancock family of funds and be known as John Hancock Large Cap Select Fund (MSBFX). Shay Assets Management, Inc., will continue to manage the fund under a sub-advisory agreement.
This is the third acquisition completed by John Hancock Advisers in the past two years. In May and November of last year, John Hancock Advisers acquired, respectively, the assets and shareholder base of the U.S. Global Leaders Growth Fund and the Pzena Focused Value Fund.
The funds, now known as the John Hancock U.S. Global Leaders Growth Fund (USGLX) and the John Hancock Classic Value Fund (PZFVX), have seen their assets grow, respectively, from approximately $120 million to nearly $600 million and from approximately $20 million to more than $100 million.
"Once again, as part of our strategic plan to grow assets, we have been able to acquire a top performing mutual fund with an excellent portfolio management team that will complement our existing product line and greatly benefit our customers. We continue to build a family of funds that meets all the investment objectives, risk profiles and time horizons of our customers," said Maureen Ford, chairman and chief executive officer of John Hancock Funds.
"Over the past decade, portfolio managers John McCabe and Mark Trautman of Shay Assets Management have done an outstanding job managing this fund. They bring an excellent long-term track record and a proven, disciplined investment management approach has served the fund's shareholders well."
"We believe this new affiliation with John Hancock Advisers offers a tremendous opportunity for our current and future shareholders," said John McCabe, senior vice president and chief investment strategist for Shay Assets Management, Inc. "We will continue to invest with our consistent, disciplined approach, but now have the added benefit of the full-service marketing, distribution and servicing capabilities that distinguish John Hancock Funds."
Mr. McCabe and Mr. Trautman seek long-term growth of capital by investing in a diversified portfolio of companies that have demonstrated the ability to grow their earnings steadily over an extended period of time. They look for companies with strong balance sheets, solid management and sustainable earnings growth and buy them only when they are offered at a reasonable price in the marketplace.
"Our strategy, simply stated, is to seek out high-quality companies at a reasonable price," Mr. McCabe said.
Founded in 1981, Shay Assets Management, Inc., a Chicago based investment firm, is a privately held registered investment adviser specializing in the management of large-cap equity and fixed-income mutual funds. As of June 30, 2003, total mutual fund assets under management were in excess of $6 billion.
John Hancock Advisers, a premier investment management company, managed $27.5 billion in open-end funds, closed-end funds, private accounts and retirement plans for individual and institutional investors as of June 30, 2003. Additional information about John Hancock Advisers can be found on the website: www.jhfunds.com.
John Hancock Advisers is a wholly owned subsidiary of John Hancock Financial Services, Inc. (NYSE: JHF). John Hancock and its affiliated companies provide a broad array of insurance and investment products and services to retail and institutional customers. As of June 30, 2003, John Hancock Financial Services and its subsidiaries had total assets under management of $139.7 billion. Additional information about John Hancock Financial Services can be found on the website: www.jhancock.com.
Preceding press release obtained from John Hancock Advisors at www.jhfunds.com.
Berkshire Capital has reprinted this press release substantially in its entirety.
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