John Hancock has appointed Wellington Management Company as subadvisor on the $1.9 billion John Hancock Strategic Growth fund.
The fund is currently managed by Manulife Asset Management portfolio managers David Chow, Curtis Ifill, Shannon Reid and Jay Zelko. Chow, Ifill, Reid and Zelko are to exit the firm on September 28 as part of a wider series of layoffs.
Wellington’s John Boselli is to take over as the fund’s manager on September 28, according to a document filed with the Securities and Exchange Commission.
In connection with the appointment of Wellington, the fund’s name will change to the John Hancock US Quality Growth fund on November 12. Additionally, the $254.1 million JHF II US Growth fund, which is currently subadvised by Wellington, will be merged into the fund.
The John Hancock Strategic Growth fund is ranked 39 out of 147 Large-Cap Growth funds tracked by Citywire for three-year total returns to the end of August. Over that time it returned 66.3% compared to the average Large-Cap Growth fund, which was up 59.5% and the Russell 1000 Growth index’s 69.9%.
Citywire A-rated Boselli also manages the $10.8 billion John Hancock International Growth fund, through Wellington’s subadvisory relationship with John Hancock.
A John Hancock spokesman could not be reached in time for publication.