State Street Global Advisors (SSgA) has launched the SSgA Upromise 529 Plan, marking a new arrangement with the State of Nevada and Upromise Investments, Inc. Designed to lower costs and simplify investment choices, the SSgA Upromise 529 Plan features innovative 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," says 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 advisors and investors innovative college savings solutions at significantly lower costs."
Nevada’s direct-sold Upromise College Fund 529 Plan has been re-named the SSgA Upromise 529 Plan, and will continue to be direct-sold as well as now available through fee-based Registered Investment Advisors. The plan now includes new portfolio options managed by SSgA’s Investment Solutions Group, a dedicated team of investment professionals who develop customised solutions tailored to specific needs. The group specialises in managing and advising investors on asset allocation, risk management, portfolio construction and plan implementation. Upromise Investments, Inc., a leading administrator of 529 college savings plans, will remain as the program manager.
"Closing the college savings gap and securing a better future for the next generation requires a team effort," says 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."