Magaziner Announces RI’s New CollegeboundFund Managers
Thursday, November 19, 2015
GoLocalProv Business Team
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Seth Magaziner
Rhode Island General Treasurer Seth Magaziner announced Wednesday that Invesco will manage the investments of the state's $7 billion CollegeBoundfund 529 program, and Newton, MA-based Ascensus College Savings will manage the administration of CollegeBoundfund, including recordkeeping, customer service and online functionality for account management by account owners and financial advisors.
Invesco will be providing all aspects of investment management services for both the advisor and direct plans, and marketing and sales for the advisor plan. The Atlanta-based firm has $791.3 billion in assets under management and operates in more than 20 countries, and has agreed to an exclusive relationship in which Rhode Island's CollegeBoundfund will be the only 529 plan it works with and promotes.
"I am very pleased to announce that the Rhode Island Treasury will partner with Invesco and Ascensus to manage and strengthen our state's CollegeBoundfund," Treasurer Magaziner said. "Invesco is one of the world's most respected investment management companies, known globally for their high-performing and low-cost investment products. Invesco brings an extensive national sales network that will help the CollegeBoundfund maintain its position of national leadership."
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Magaziner continued: "In addition, I am pleased to partner with Ascensus, who will manage the administration of the CollegeBoundfund program, including technology, customer service and compliance. Ascensus is deeply experienced in 529 program management – with more than 13 years of experience supporting 31 other state plans."
New Job Pledged
CollegeBoundfund was launched in 1998 to help Rhode Islanders affordably save for college. Investments and growth earnings can be used at accredited colleges, universities, vocational school and trade schools across the nation and offer a simple way to save and invest for a child's college education. It is currently the seventh largest 529 college savings plan in the country, with more than 300,000 accounts and $7 billion of assets under management.
"We are very pleased that Rhode Island selected Invesco and our partner Ascensus College Savings to manage the CollegeBoundfund college savings plan," said Martin L. Flanagan, president and CEO of Invesco. "Our long-standing reputation for providing leading products, value-added services and extensive coverage makes us well suited to provide highly-rated plans for investors in Rhode Island and nationwide."
To demonstrate its commitment to Rhode Island, Ascensus has pledged to create 35 new Rhode Island jobs and will open an office in the state by June 2016. The firm has started to evaluate potential office locations, with plans to hire marketing, customer service and other specialists in college savings who will serve other parts of the country from Rhode Island.
"We look forward to working with the State of Rhode Island and Invesco to help Rhode Islanders achieve their college savings goals," said Jeff Howkins, president of Ascensus College Savings. "As a lifelong resident of Rhode Island, I couldn't be happier about the prospect of creating jobs within my home state while also helping parents, grandparents, friends, and families to save for a child's higher education."
About the Companies
Invesco Ltd. is a leading independent global investment management firm, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our clients around the world. Operating in more than 20 countries, the firm is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available by clicking here.
Ascensus Ascensus is the largest independent retirement and college savings services provider in the United States, helping over 6 million Americans save for the future. With more than 30 years of experience, the firm partners with financial institutions to offer tailored solutions that meet the needs of financial professionals, employers, and individuals. Ascensus specializes in recordkeeping, administrative, and program management services, supporting over 40,000 retirement plans and over 3.5 million 529 college savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. For more information about Ascensus, visit here
Related Slideshow: Top New England Colleges According to Business Insider
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#13 Wesleyan University
Overall Rank: 49
Location: Middletown, CT
Score: 2.73 out of 5
Tuition and Fees: $47,244
Business Insider: "With roughly 2,900 undergraduates on a 316-acre campus overlooking the Conn. River, Wesleyan uses its small size to provide highly personal faculty support and customizable programs of study to students.
Business Insider's rating is scored out of 5 and is based on the results of a 1,000-person reader survey that asked how much each college will help students succeed in life. Tuition was used as a tiebreaker, with cheaper tuition pushing a school to a higher spot.
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#12 Boston University
Overall Rank: 45
Location: Boston, MA
Score: 2.79 out of 5
Tuition and Fees: $44,910
Business Insider: "A concrete campus located in the bustling city of Boston, BU has nearly 100 study abroad programs in 23 countries, an active social media presence with more than 200 Facebook pages and groups, and 20-plus NCAA Division I varsity sports, including a multiple NCAA national championship-winning hockey team."
Business Insider's rating is scored out of 5 and is based on the results of a 1,000-person reader survey that asked how much each college will help students succeed in life. Tuition was used as a tiebreaker, with cheaper tuition pushing a school to a higher spot.
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#11 Wellesley College
Overall Rank: 44
Location: Wellesley, MA
Score: 2.86 out of 5
Tuition and Fees: $43,544
Business Insider: "Madeleine Albright, Hillary Rodham Clinton, and Diane Sawyer are among the nearly 37,000 living alumni of Wellesley College, an institute with an unwavering commitment to empowering women to make a difference in the world."
"Students are central to decision-making at this liberal arts college: They serve on major committees of the board of trustees, participate in faculty search, and contribute to strategic planning."
Business Insider's rating is scored out of 5 and is based on the results of a 1,000-person reader survey that asked how much each college will help students succeed in life. Tuition was used as a tiebreaker, with cheaper tuition pushing a school to a higher spot.
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#10 Middlebury College
Overall Rank: 40
Location: Middlebury, VT
Score: 2.94 out of 5
Tuition and Fees: $57,075
Business Insider: "Renowned for leadership in language instruction and environmental studies, Middlebury emphasizes close interaction between students and faculty as the core of its education. All courses are taught by faculty members, rather than graduate assistants, and 65% of classes contain fewer than 20 students."
Business Insider's rating is scored out of 5 and is based on the results of a 1,000-person reader survey that asked how much each college will help students succeed in life. Tuition was used as a tiebreaker, with cheaper tuition pushing a school to a higher spot.
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#9 Tufts University
Overall Rank: 37
Location: Medford, MA
Score: 3.07 out of 5
Tuition and Fees: $46,598
Business Insider: "Tufts University encourages students to pursue interdisciplinary studies at its two colleges, the School of Arts and Sciences and the School of Engineering. An overwhelming 90% of students are enrolled in the first, which boasts a liberal arts college feel in a research-rich environment."
Business Insider's rating is scored out of 5 and is based on the results of a 1,000-person reader survey that asked how much each college will help students succeed in life. Tuition was used as a tiebreaker, with cheaper tuition pushing a school to a higher spot.
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#8 Boston College
Overall Rank: 36
Location: Boston, MA
Score: 3.09 out of 5
Tuition and Fees: $46,088
Business Insider: "Boston College jumps four spots on our list, thanks in part to its tremendous growth in recent years. Undergraduate applications have soared 75% over the past decade, and voluntary giving by alumni has increased the university's endowment to $1.9 billion."
Business Insider's rating is scored out of 5 and is based on the results of a 1,000-person reader survey that asked how much each college will help students succeed in life. Tuition was used as a tiebreaker, with cheaper tuition pushing a school to a higher spot.
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#7 Amherst College
Overall Rank: 27
Location: Amherst, MA
Score: 3.31 out of 5
Tuition and Fees: $58,744
Business Insider: "Ranked the second-best liberal arts school in the nation, according to U.S. News and World Report, Amherst College climbed four spots on our list this year."
Business Insider's rating is scored out of 5 and is based on the results of a 1,000-person reader survey that asked how much each college will help students succeed in life. Tuition was used as a tiebreaker, with cheaper tuition pushing a school to a higher spot.
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#6 Williams College
Overall Rank: 23
Location: Williamstown, MA
Score: 3.40 out of 5
Tuition and Fees: $46,600
Business Insider: "Williams was number 27 on last year's list, but our readers voted it up to No. 23 this time around. A top liberal arts college, Williams is set to host its own TEDx conference for students and faculty in January 2014."
Business Insider's rating is scored out of 5 and is based on the results of a 1,000-person reader survey that asked how much each college will help students succeed in life. Tuition was used as a tiebreaker, with cheaper tuition pushing a school to a higher spot.
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#5 Brown University
Overall Rank: 20
Location: Providence, RI
Score: 3.60 out of 5
Tuition and Fees: $45,612
Business Insider: "Brown is known for being the most individualistic of the Ivies, and with some of the happiest students."
Business Insider's rating is scored out of 5 and is based on the results of a 1,000-person reader survey that asked how much each college will help students succeed in life. Tuition was used as a tiebreaker, with cheaper tuition pushing a school to a higher spot.
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#4 Dartmouth College
Overall Rank: 9
Location: Hanover, NH
Score: 3.96 out of 5
Tuition and Fees: $46,752
Business Insider: "At 4,200 enrolled undergraduate students, Dartmouth is the smallest of the Ivies. But its size has no bearing on the prestige of its programs; the school was ranked No. 1 in undergraduate teaching courses by U.S. News & World Report for the fourth year in a row."
Business Insider's rating is scored out of 5 and is based on the results of a 1,000-person reader survey that asked how much each college will help students succeed in life. Tuition was used as a tiebreaker, with cheaper tuition pushing a school to a higher spot.
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#3 Yale University
Overall Rank: 5
Location: New Haven, CT
Score: 4.25 out of 5
Tuition and Fees: $44,125
Business Insider: "Our readers were not shy in praising Yale's hardworking professors: 'Yale is still the best ranking... school thanks to it[s] high profile faculty," one respondent pointed out. 'It's them who keep Yale in the top.'"
Business Insider's rating is scored out of 5 and is based on the results of a 1,000-person reader survey that asked how much each college will help students succeed in life. Tuition was used as a tiebreaker, with cheaper tuition pushing a school to a higher spot.
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#2 Harvard University
Overall Rank: 3
Location: Cambridge, MA
Score: 4.42 out of 5
Tuition and Fees: $42,292
Business Insider: "For the third year in a row, Harvard has held fast at No. 3. Harvard's most popular majors (or "concentrations," as they're called there) are economics and political science, and the Crimson school has been hailed for its think-outside-the-box approach to learning."
Business Insider's rating is scored out of 5 and is based on the results of a 1,000-person reader survey that asked how much each college will help students succeed in life. Tuition was used as a tiebreaker, with cheaper tuition pushing a school to a higher spot.
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#1 MIT
Overall Rank: 1
Location: Cambridge, MA
Score: 4.5 out of 5
Tuition and Fees: $42,050
Business Insider: "The tech school admits fewer than 9 percent of applicants, some of whom have gone on to achieve prestigious awards like Nobel Prizes, National Medals of Science, MacArthur Grants, and National Medals of Technology and Innovation."
Business Insider's rating is scored out of 5 and is based on the results of a 1,000-person reader survey that asked how much each college will help students succeed in life. Tuition was used as a tiebreaker, with cheaper tuition pushing a school to a higher spot.
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