The Ohio Tuition Trust Authority
has selected of Putnam Investments
as the investment manager for the new Ohio College Savings Program. Putnam won the business after the Tuition Trust conducted a nationwide search for an investment management firm to manage the funds. An important criterion for the winner was that it also be able to manage and administer the program and provide marketing support.
More than 35 investment firms who were asked to submit proposals, including 12 Ohio firms. Seven firms submitted proposals to the Tuition Trust. Putnam will take over the new plan and the Ohio Prepaid Tuition Program this fall.
Putnam Investments won the mandate based on several key criteria including its position in the mutual fund industry, value to Ohio families through competitive investment returns and affordable fee structure, extensive distribution network in Ohio, and commitment to superior customer education and service, according to the Tuition Trust.
"We knew the selection process would be challenging, but we were determined to select a firm that would offer the best possible investment products and value for Ohio families. Putnam clearly demonstrated that they are committed to providing Ohioans with a premier college saving program. We are truly excited about the opportunity to work with Putnam to offer Ohioans yet another tax-advantaged college savings product," said Jackie Williams
, Executive Director of the Ohio Tuition Trust Authority.
The plan was created by Ohio Senate Bill 161 which provided for the Tuition Trust to complement the existing Ohio Prepaid Tuition Program.
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