John Hancock Advisers pulled in $675 million during the offering period for its newest preferred-stock closed-end fund. The offering period for the Preferred Income Fund III ran less than a month -- from May 28 to June 19. This was the third in a series of like funds created by Hancock. Neither of the earlier funds raised this amount of assets during their offering period.

Assets in the fund may rise to more than $1 billion after an additional preferred shares offering and the underwriter's additional commitments.

Maureen Ford, chairman, president and CEO of John Hancock Advisors said that the launch was the biggest in the firm's history. She attributed the appeal of the fund to the competitive yield it offers compared to bonds and REITs.

UBS Investment Bank was the lead underwriter for the New York Stock Exchange-listed fund. Merrill Lynch acted as co-lead manager.  

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