MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, April 3, 2001 New Competition in 529 Space Distribution and product expertise were at the heart of a partnership announced today between Mercury Funds and Franklin Templeton. The agreement revolves around Arkansas's 529 plan, called the GIFT College Investing Plan, and introduces a new player to the exclusive 529 space. The agreement satisfies Franklin's goal of 529 participation, despite the lack of a state sponsor. Mercury, a unit of Merrill Lynch Investment Managers, will add Franklin's distribution network to its existing infrastructure, and Franklin will include its own investment options to choices within the plan. "We have a desire to broaden our distribution from a third party perspective," said Mike Saliba, director of 529 business development for Mercury, telling the MFWire.com: "Franklin is a great client for Merrill in other businesses." The agreement opens up distribution flexibility for Franklin, effectively giving the fund firm its own 529 product. "It's really putting Franklin Templeton in the position of having a 529 plan without having to go sign up a state," said Joseph Hurley, chief executive officer of Savingforcollege.com, a 529 plan information web site. The deal was implemented without a screening process involving other candidates, according to Tom Skrobe, Mercury's director of marketing. The plan was previously distributed through independent advisors. Printed from: MFWire.com/story.asp?s=26670 Copyright 2001, InvestmentWires, Inc. All Rights Reserved |