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SSgA launches Upromise 529 Plan

By Tara Cantore editors@plansponsor.com | April 17, 2012
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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 manager.

“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.”