John Hancock is expanding the fund line-up in its 529 college savings plan product. The U.S. arm of Canada's ManuLife will offer three of the newfangled asset allocation funds in the product. The funds are based on products the insurer developed for its defined contribution plan business.

The portfolios will become John Hancock Freedom 529's fourth investment strategy. The existing investments follow enrollment-based, static, and individual portfolio strategies. All counted, the program offers 22 investment options.

Diana Scott, senior vice president and general manager of John Hancock College Savings, said that the new funds will allow advisors to focus on managing their business and client relationship rather than creating asset allocations.

"Not only is our experience with Lifestyles good for investors, we believe it will help advisors manage their business and focus on the client relationship," said Scott.

Each of the new funds will invest in corresponding John Hancock Funds II Lifestyle Portfolios and will come in A, B and C2 share classes. Bob Boyda, senior vice president of John Hancock Investment Management Services, heads portfolio management for the funds. 

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