John Hancock College Savings has reduced its management fees by an average of 30% for a 529 college savings plan it runs for the state of Alaska.
Hancock, a subsidiary of Manulife Financial Corp., Toronto, says its annual program management fee will fall to 0.35% for A, B, C and C2 share classes and decrease to 0.3% for the JH money market portfolio, all of which are offered under its Freedom 529 Savings Plan.
Overall reductions in the total annual asset-based fees range from between 0.1% to 0.59%, according to the company.
This change comes as the Hancock plan passes $2.2 billion in assets under management.
The John Hancock Freedom 529 plan is managed by T. Rowe Price and distributed by John Hancock Distributors L.L.C. and other broker-dealers.