John Hancock registers CIT tickers with Nasdaq Fund Network

Tickers enable easy search functionality and data accessibility

TSX/NYSE/PSE: MFC     SEHK: 945

BOSTON, June 15, 2021 /CNW/ - John Hancock announced today its agreement with Nasdaq Fund Network (NFN), enabling the registration of its collective investment trusts (CITs) on Nasdaq's platform. Through its new agreement with NFN, John Hancock has now registered its CITs on the NFN, which provides each CIT with a unique Nasdaq ticker. The ticker makes the CIT searchable, enabling financial professionals to easily access the information associated with the CIT, including price information and respective reference data available on multiple market platforms and financial web portals.

A CIT is a tax-exempt, pooled investment vehicle maintained by a bank or trust company that can only accept ERISA-qualified pension assets, including 401(a/k), 457(g), and defined benefit assets. John Hancock Trust Company LLC was launched in response to institutional client demand for CITs, and the CITs were first made available to consultants, plan sponsors, and financial professionals in 2011. Manulife Investment Management provides investment and operational support services to John Hancock Trust Company.¹

"We're happy to announce the agreement with Nasdaq as we look to expand both the knowledge and the adoption of CITs and ultimately to offer investment options to help retirement plans deliver results to participants," said Andrew G. Arnott, head of wealth and asset management for Manulife Investment Management, United States and Europe. "As part of the CIT expansion, we wanted to ensure that our clients are provided the same transparency that they have with our mutual funds, which has led to the registrations on the Nasdaq Fund Network for each of our CITs."

"Nasdaq believes that our investment community is better served with greater transparency and efficiency," said Devin McCarthy, managing director for NFN. "Our work with John Hancock will provide increased discoverability and data accessibility for CITs on an interconnected and highly visible network."

In the last five years, CITs have adopted similar characteristics that mutual funds offer, such as daily pricing, trading through the National Securities Clearing Corporation, quarterly fact sheets, annual audited financials, and, most recently, Nasdaq tickers. Clients can access CIT information in the same way and frequency that they're accustomed to when they invest in a mutual fund.

"We believe CITs will continue to grow in market share, as consultants and aggregators have been integral in bringing the potential benefits of CITs to mid-market defined contribution plans," added Todd J. Cassler, head of institutional distribution for Manulife Investment Management, United States and Europe. "We're excited to see how CITs have evolved to meet the expectations of plan sponsors who seek lower costs and flexibility that may be found in the CIT structure."

About John Hancock and Manulife

John Hancock is a unit of Manulife Financial Corporation, a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States and as Manulife globally, including Canada, Asia, and Europe. We provide financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions. Assets under management and administration by Manulife and its subsidiaries were CAD$1.3 trillion (US$1.0 trillion) as of March 31, 2021. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com.

One of the largest life insurers in the United States, John Hancock supports more than 10 million Americans with a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, and education savings plans. Additional information about John Hancock may be found at johnhancock.com. 

© 2021 John Hancock. All rights reserved.

SOURCE John Hancock