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Rating:Fleet Wins Nevada Mandate Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, March 14, 2003

Fleet Wins Nevada Mandate

by: Sean Hanna, Editor in Chief

FleetBoston has landed one of the few remaining 529 college planning programs. The bank's Columbia Asset Management group is in the final stages of signing the deal with the state of Nevada, according to industry sources.

The new program is one of a number sponsored by Nevada. The state already works with Vanguard, USAA, Strong and UPromise. Even Fleet's joining the list of partners may not close the doors to the state for program providers as the state is considering adding more still. Strong is the only one of these partners to rank among the top 529 asset managers according to SavingforCollege.com (see table below).

The firm is expected to distribute the plan through advisors familiar with the old Liberty Funds brand. It is also preparing an offer in which it would waive the commission on A shares purchased after a switch to its 529 program from those of rival providers.

Top 529 Asset Managers
Asset Manager Assets $mm
TIAA-CREF 2,938
Alliance Capital 2,592
Fidelity Investments 2,313
American Funds 2,048
Putnam Investments 1,918
Merrill Lynch 1,403
T. Rowe Price 754
Strong Capital 682
Source: SavingsforCollege.com
 

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