SSgA Upromise 529 Plan tops USD1bn in assets
Assets in State Street Global Advisors’ SSgA Upromise 529 Plan have surpassed USD1bn.
The SSgA Upromise 529 Plan is the nation’s largest 529 plan featuring an investment line-up predominately composed of exchange-traded funds.
“This milestone represents a successful start for the SSgA Upromise 529 Plan,” says Steve Coyle, managing director and head of the US sub-advisory group at State Street Global Advisors. “While ETFs are relatively new to the 529 market, we’re confident their use will grow rapidly as families saving for college better understand their core benefits.”
Launched in April 2012 in partnership with the State of Nevada and Upromise Investments, the SSgA Upromise 529 is designed to lower costs and simplify investment choices for families saving for college. The plan offers static portfolio options that invest in individual SPDR ETFs and college-date and risk-based portfolio options managed by SSgA’s investment solutions group, a dedicated team of investment professionals who develop customised solutions tailored to specific needs.
The group specialises in managing and advising investors on asset allocation, risk management, portfolio construction and plan implementation. The plan also offers a savings portfolio that invests in the Sallie Mae High Yield Savings Account. Upromise Investments, an administrator of 529 college savings plans, is the programme manager.
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