Hancock Leaves a Business, to Take Charge

The New York Times on the Web

by Reuters

The New York Times, February 6, 2001
call 1-800-660-0050 to request a free fax copy

EXCERPT:

"...John Hancock Funds unit planned to exit the retirement plan record-keeping business, taking a charge of $8-13 million after tax....."

OTHER POINTS:

-- John Hancock Funds will re-focus their attention to the mutual fund business.

-- Hancock will immediately cut 31 employees from its record-keeping unit's 220-staff.

-- Hancock in discussions to sell the record-keeping unit, which provides records for 160,000 retirement plan participants.

-- Strategically the 401(k) record keeping business is not central to Hancock's efforts, according to Hancock's CEO.

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