BOSTON, July 8, 2013 /PRNewswire/ -- John Hancock has added a new management fee breakpoint for the John Hancock Global Absolute Return Strategies Fund (Class A: JHAAX) and decreased a breakpoint in the management fee schedule for the John Hancock Sovereign Investors Fund (Class A: SOVIX). Both fee reductions were effective July 1, 2013. "We are pleased to announce our second set of fee reductions in as many months. 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," said Andrew G. Arnott, President & CEO of John Hancock Funds, LLC. John Hancock Global Absolute Return Strategies Fund (GARS) added a new management fee breakpoint, decreasing the 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, 2013), shareholders will see an immediate savings of approximately one basis point. "GARS is an example of the solutions John Hancock can bring to our customers by providing them access to high quality portfolio management talent from around the world," said Mr. Arnott. "As a manager John Hancock has a nearly $90 billion book of asset allocation assets, and naturally views our product line with an asset allocation mindset. We understand firsthand the challenges financial advisors and shareholders face in building better portfolios. The growth and demand seen in GARS reflect the fact that John Hancock identified an investment need among our customers and set out to solve it, through our process of finding highly skilled managers." Launched late in 2011, GARS has been one of the fastest-growing funds for John Hancock. "GARS crossed the $3 billion in assets milestone in just 17 months and as a result has achieved greater efficiencies. The new breakpoint we are adding today and resulting expense reduction allow John Hancock to share those economies of scale with shareholders," Arnott added. John Hancock is also lowering fees on the John Hancock Sovereign Investors Fund by decreasing the management fee on the first breakpoint from 60 basis points to 57.5 basis points. Based on the fund's current assets of $570 million (as of June 30, 2013), shareholders will see an immediate savings of 2.5 basis points. "John Hancock Sovereign Investors Fund is one of the oldest funds in the mutual fund industry. It was launched in 1936 and has a long history of seeking to invest in the securities of companies that have the potential to raise their dividends. We are pleased to be able to lower fees for the fund's long-term and loyal shareholders," Arnott said. The new fee reductions follow John Hancock's June announcement whereby new fee schedules were implemented for John Hancock Classic Value Fund (Class A: PZFVX), John Hancock U.S. Global Leaders Growth Fund (Class A: USGLX), and John Hancock Alternative Asset Allocation Fund (Class A: JAAAX). Previously, in 2012, John Hancock Funds implemented a lower expense cap on John Hancock Core High Yield Fund (Class A: JYIAX), which resulted in a total expense reduction of six basis points. John Hancock Government Income Fund (Class A: JHGIX) also instituted a lower expense cap in 2012, reducing advisory fees by eight basis points. Additional details are available in the funds' prospectuses.