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Rating:New Mexico 529 Enrolls New Class Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, February 03, 2003

New Mexico 529 Enrolls New Class

by: Sean Hanna, Editor in Chief

Citigroup's Salomon Brothers has won space in New Mexico's CollegeSense 529 Higher Education Savings Plan. The plan is administered by SSgA's Schoolhouse Capital and distributed by New York Life Investment Management. The move is one of several by the program sponsors, including the decision to offer B-class shares through the program and change the pricing on A and C-class shares.

The decision to revamp the pricing was made to offer higher, mutual-fund type compensation and more flexibility for financial planners, said Ralph Constantino, chief executive officer of Schoolhouse Capital. "Our intention is to give investors more freedom to build college-savings portfolios that are customized to their own savings needs and goals."

The new fund will be the Salomon Brothers Investors Value Fund. JPMorgan Fleming Asset Management manages the only other non-proprietary fund in the program. The investment lineup features nine investment options including an age-based investment option, five asset allocation portfolios, and three single asset class portfolios.

Schoolhouse and NYLife also said that they are adding an investment tool to the program to assist investors with creating their asset allocation. The new tool is dubbed "Dual Track Investing."

"Dual Track Investing will enable investment professionals to create a blend of portfolios using CollegeSense's investment options," noted Beverly Moore, managing director of NYLIM Retail Markets. "It provides investment professionals and their clients a broad spectrum of risk/reward investment opportunities.  

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