John Hancock's Financial Services Trust drops manager Cavanaugh

By Toni Weeks

San Diego, March 2 - John Hancock Variable Insurance trust announced that effective March 2, Charles Cavanaugh will resign from Davis Selected Advisers, LP and will no longer serve as a portfolio manager of the Financial Services Trust, according to a 497 filed with the Securities and Exchange Commission.

Kenneth Feinberg, vice president of Davis Selected Advisers-NY, will continue to serve as the fund's portfolio manager.

The fund's adviser is Boston-based John Hancock Investment Management Services, LLC. Davis Selected Advisers, LP is the fund's subadviser.

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