Joining Manulife will be Shannon Reid, senior managing director and senior portfolio manager; Jay Zelko, managing director and portfolio manager; David M. Chow, managing director and portfolio manager; and Curtis Ifill, director, senior investment analyst.
In a telephone interview, Jean-Francois Courville, the president and CEO of Manulife Asset Management, said the team, which will manage money for institutional and retail clients, fills the last real gap in Manulife’s U.S. large-cap equity lineup.
He said Manulife was attracted by the team’s “repeatable” investment process, which has delivered top-quartile results for the past three and five years.
According to data compiled by eVestmentAlliance, the $916 million Wells Fargo Advantage Funds Strategic Large Cap Growth Equity strategy run by Mr. Reid’s team outperformed the Russell 1000 Growth benchmark by an annualized 1.79 percentage points and 1.81 percentage points, respectively, for the three years and five years through March 31.
In a “product alert” issued Monday, Wells Fargo noted the three portfolio managers had left the company to pursue other opportunities and were replaced by Thomas C. Ognar, Bruce C. Olson and Joseph M. Eberhardy, three portfolio managers who also oversee Wells Capital’s Heritage Growth Equity strategy.
Mr. Reid’s team becomes the third equity team Manulife has brought on this year. In January, the company hired two U.S. value equity veterans, also from Wells Capital, Walter T. McCormick and Emory W. Sanders Jr. , as senior managing directors and senior portfolio managers to run large-cap value, large-cap core and all-cap core strategies. In February, Manulife brought on Optique Capital Management’s eight-member international value equity team.