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Rating:Money Managers Consolidate 529 Plans Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, July 27, 2005

Money Managers Consolidate 529 Plans

Reported by Theresa Sim

Two money managers, Evergreen Investments and Mainstay Investments, have merged their separate broker-sold 529 plans for the State of New Mexico into one plan.

Evergreen will be the program manager of the new CollegeSense 529 Higher Education Savings Plan has approximately $600 million in assets and will continue to be intermediary-sold. The plan has 13 investment options, including mutual funds and asset-allocation funds.

Mutual fund options include: MainStay Large Cap Growth Portfolio, Evergreen Mid Cap Growth Portfolio, Evergreen International Equity Portfolio and the MainStay High Yield Corporate Bond Portfolio.

Five age-targeted asset-allocation portfolios and eight customized portfolios will be composed of Mainstay and Evergreen funds

"We view this merger as a highly positive next step for Arrive and CollegeSense investors," said Dennis Ferro, president and chief executive officer of Evergreen Investments. "By combining the two established plans, we are driving down the cost of the program to current and future participants and providing a highly competitive product in the college savings plan marketplace."  

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