Columbia Management Group, the asset management arm of FleetBoston Financial, has launched its Columbia 529 Plan featuring a range of investment options.

The plan enables investors to diversify from as many as 25 portfolios that invest in funds from well-known managers with a range of styles and asset classes.

The plan, which is offered through independent advisors and the largest brokerage firms, also offers an opportunity to increase savings through the Upromise Rewards Service.

In a bid to attract investors who want to diversify out of a load fund with a poor performance record, initial sales charges will be waived on transferred assets when those assets are from a redemption of shares on which an investor has already paid an initial sales charge.

The Plan also features an automated dollar cost averaging program to address market risk. The Columbia 529 Plan supplements the Liberty and Columbia lineup with the large-cap and international expertise of Marsico Capital Management and OppenheimerFunds. 

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