John Hancock today announced a new management fee breakpoint for the John Hancock Global Absolute Return Strategies Fund (JHAAX) and a decreased breakpoint in the management fee schedule for the John Hancock Sovereign Investors Fund (SOVIX). Both fee reductions were effective July 1.
JHAAXA decreased its management fee by 5 basis points on all assets over $3 billion. Based on the fund's current assets of $3.6 billion (as of June 30), shareholders will see a savings of approximately one basis point, according to the firm. SOVIX also decreased its management fee on the first breakpoint from 60 basis points to 57.5 bps and, based on the fund's current assets of $570 million (as of June 30) shareholders will see a savings of 2.5 bps.
The firm last month implemented new breakpoints for three mutual funds, including the John Hancock Classic Value Fund (PZFVX), John Hancock U.S. Global Leaders Growth Fund (USGLX) and the John Hancock Alternative Asset Allocation Fund (JAAAX).
"We are pleased to announce our second set of fee reductions in as many months,” stated Andrew Arnott, president and chief executive officer of John Hancock Funds. “We are focused on driving higher investment value for our shareholders because we know the only way we can be successful as an asset manager is if our shareholders are successful."