Hancock Boots Global Leaders Growth Fund Subadvisor

July 18, 2003 (PLANSPONSOR.com) - Yeager, Wood & Marshall has been axed as the subadvisor to John Hancock's US Global Leaders Growth Fund after co-manager George Fraise announced he was leaving to form his own advisory firm.

A filing with the Securities and Exchange Commission (SEC) said John Hancock Advisers and its chief investment officer, William Braman, will assume day-to-day portfolio management responsibility on the $600-million fund.    This comes after the fund was purchased from Yeager, Wood & Marshall a little more than a year ago, according to a Wall Street Journal report.

In the interim, Hancock is looking at different options, perhaps looking to secure another outside manager.   “John Hancock Funds will examine several possibilities for the ongoing management of the Fund, including the possibility of retaining another sub-advisor,” said Maureen Ford, Chairman of CEO of John Hancock Funds in a prepared statement.

Fraise is leaving Yeager, Wood & Marshall to open the doors to Sustainable Growth Advisers, LP, a joint venture with colleague Gordon Marchand, who had been Yeager, Wood & Marshall’s chief financial and operating officer. The duo intends to manage portfolios for institutions and individuals (See  New Investment Advisory Firm Opens For Business ).

Before leaving, Fraise was co-portfolio manager of the Global Leaders Growth Fund with   George Yeager, who had run the fund since its inception in 1995.   In addition, Fraise also co-managed the offshore US Global Leaders Growth Fund, Ltd.