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Rating:Who Will Win California's 529? Not Fidelity Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, June 13, 2011

Who Will Win California's 529? Not Fidelity

by: Neil Anderson, Managing Editor

Fundsters interested in the 529 business may want to take a glance at the LA Times. Walter Hamilton reports that the board in charge of California's $4.1-billion, 282,000-account ScholarShare 529 plan will pick a new provider today to succeed Fidelity [see profile]. And, after a one-year extension of the contract, the Boston Behemoth didn't even try to keep the business.

"Fidelity made a strategic business decision not to bid," Fidelity spokesman Vin Loporchio reportedly told the Times, adding that the fund firm will instead focus on other business in the state, including 401(k)s.

"The board will make its decision on Monday," board spokesman Tom Dresslar reportedly told the Times.

Morningstar analyst Laura Lutton weighed in for the article. 

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