OppenheimerFunds is now introducing Scholar's Edge, a qualified 529 program. The new service provides a multi-manager investment approach.

The platform is designed for the financial advisor channel. The firm contends that the offering allows for flexible contribution choices. there also opportunities for income, estate, and gift tax advantages.

Schoolhouse Capital, a unit of State Street, will act as the program manager. Both State Street and OppenheimerFunds will provide investment funds to the product. "We think Scholar's Edge offers a unique way for advisors and clients to plan for future college costs," stated Raquel Granahan, vice president and product manager at OppenheimerFunds. "Advisors get a turn-key product to work with, and clients get the benefits of experienced management along with a wide array of investment options."

Investors in the new offering may choose one of two options. The custom-choice option allows investors to design their own investment strategy. There is also an age-based option which is calculated based on the number of years before the beneficiary enters college; there are risk-reward objective that automatically changes as the time before entering college approaches.

"With higher education costs continuously rising, financial planning for college requires careful saving," added Granahan. "This multi-manager platform, along with its custom choice investment design, offers distinct benefits not available through other 529 savings vehicles." 

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