Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Colorado Narrows 529 Provider Hunt Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, July 09, 2004

Colorado Narrows 529 Provider Hunt

Reported by Theresa Sim

Colorado has narrowed down its 529 search down to two providers, repors Giovanni Greco, chief operating officer of CollegeInvest. CollegeInvest, the division of the Colorado Department of Higher Education responsible for the state's 529 plan, will ditch current manager Citigroup Asset Management.

Although CollegeInvest stated in RFP materials that it intended to "award one contract for intermediary and direct distribution, including in-state and national markets," the agency has entered into dual negotiations with two providers, said Greco.

The selection committee will meet on July 19th and will finalize contract negotiations during the week of July 26th, said Greco. If both providers are picked, CollegeInvest will likely award one provider the direct-sold plan and the other the intermediary-sold plan, Greco added.

Colorado Shops Around
Colorado's 529 Plan Statistics (3/31/04) Assets ($mil) Accounts
Total $1,435 196,712
In-state $324 34,272
Out-of-state $1,112 162,440
Direct-sold $205 23,049
In-state $181 18,932
Out-of-state $24 4,117
Intermediary-sold $1,230 166,940
In-state $142 13,968
Out-of-state $1,088 152,972
Source: CollegeInvest website
Notes: There is a discrepancy between total direct and intermediary-sold accounts and total accounts.
CollegeInvest issued a request for proposal for a new provider in April. The term of the contract is for at least five years.

Joe Hurley, the 529 expert behind SavingforCollege.com, commented that the state is being tight-lipped on the search.

CollegeInvest also stated in its RFP materials that it is looking for a "multi-manager product and…would not add investment managers to those proposed by a Bidder," although reserving the right to add a manager or more investment options in the future.

The current program offered by Citigroup includes proprietary mutual funds and funds from the American Funds and MFS families. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use