Magaziner to announce new managers for $7B CollegeBoundfund

R.I. TREASURER Seth Magaziner will announce the new managers of the $7 billion CollegeBoundfund on Wednesday during a press conference in his office. / PBN FILE PHOTO/ MICHAEL SALERNO
R.I. TREASURER Seth Magaziner released a Debt Affordability Study on Thursday, which said public issuers have accumulated more than $10.5 billion of debt. / PBN FILE PHOTO/ MICHAEL SALERNO

PROVIDENCE – General Treasurer Seth Magaziner will announce today the new managers of the $7 billion CollegeBoundfund.
Magaziner will be joined by presidents and CEOs of the new managers at an 11 a.m. press conference in his office.
According to a media advisory about the press conference, the new managers are expected to open an office in Providence, bringing jobs to the city.
The 529 college savings plan, known as the CollegeBoundfund, was created by the General Assembly in 1998. It is designed to help families save for future higher education expenses at accredited colleges, universities and vocational or trade schools nationwide.
The fund has been managed by AllianceBernstein LP, a leading global investment management firm, since its inception. AllianceBernstein said Tuesday that program management of the CollegeBoundfund will transition to a new manager as of July 1, pending the approval of the R.I. State Investment Commission and the commission’s negotiation of a contract with its selected provider.
“We are very proud of our long-time partnership with the state to help families across the country save for college,” Robert Keith, head of the global client group for AB, said in a statement. “Under our management, the program has grown from 1,700 to more than 400,000 accounts and from $8 million to $7.4 billion in program assets, to become the nation’s third largest advisor-sold 529 plan. Over the past 15 years, we have been fortunate to play an integral role in enabling almost 200,000 beneficiaries nationwide to utilize nearly $5 billion for college expenses. We appreciate the opportunity we were given to support so many families in their important pursuit of higher education.”

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