April 17, 2012 (PLANSPONSOR.com) - State
Street Global Advisors (SSgA) launched SSgA Upromise 529 Plan.
The launch of SSgA Upromise 529 Plan also marks a new arrangement with
the state of Nevada and Upromise Investments, Inc.
The Plan is designed to lower costs and simplify investment choices. The
SSgA Upromise 529 Plan features investment strategies that will be implemented
using State Street’s SPDR exchange-traded funds (ETFs).
“We’re excited to partner with Nevada and Upromise Investments, Inc. to
offer SPDR ETF investments to American families looking to enhance their
college savings strategies,” said James Ross, senior managing director and
global head of SPDR Exchange-Traded Funds at State Street Global Advisors. “The
SSgA Upromise 529 Plan combines the benefits of State Street’s institutional
asset management with SPDR ETFs to offer advisers and investors innovative
college savings solutions at significantly lower costs.”
Nevada’s direct-sold Upromise College Fund 529 Plan has been renamed the
SSgA Upromise 529 Plan, and will continue to be direct-sold as well as available
through fee-based registered investment advisers.
The plan includes new portfolio options managed by SSgA’s Investment Solutions
Group, a team of investment professionals who develop customized solutions for
specific needs. The group specializes in managing and advising investors on
asset allocation, risk management, portfolio construction and plan
implementation. Upromise Investments, Inc. will remain as the program
“Closing the college savings gap and securing a better future for the
next generation requires a team effort,” said Nevada State Treasurer Kate
Marshall. “We’re excited to bring State Street’s sophisticated
institutional investment management expertise and industry-leading SPDR ETFs to
families saving for college through the SSgA Upromise 529 Plan.”