It's that sub-advisement you really have to worry about

Matt Yglesias is having trouble understanding John Hancock's explanation of its fee structure. I can't imagine why (via Felix Salmon):

“For internally-managed Funds advised and sub-advised exclusively by John Hancock’s affiliates, the total fees John Hancock and its affiliates receive from these Funds may be higher than those advised or sub-advised exclusively by unaffiliated mutual fund companies. These fees can come from the Fund or trust’s Rule 12b-1, sub-transfer agency, management, AMC or other fees, and may vary from Fund to Fund.”