Columbia Management today announced that it has been selected by the State of South Carolina as the program manager of the State’s Future Scholar 529 College Savings Plan.
Columbia Management has been the investment manager and distributor of South Carolina’s advisor-sold and direct-sold college saving plans since 2001. The new contract extends the partnership into 2017. Under the new contract, Columbia Management will also take on the role of Program Manager for the South Carolina Tuition Prepayment Program.
“It is very important for families to have a simple and efficient way to save for their children and grandchildren’s college education,” says South Carolina Treasurer Curtis M. Loftis Jr. “There is nothing more important than a quality education and the Future Scholar 529 Plan helps make college more accessible to the citizens of South Carolina.”
“We’re honored that the State of South Carolina continues to entrust Columbia Management to provide a low-cost, easy-to-use college savings plan to its citizens and others outside the state,” said Kevin Wasp, vice president of product management at Columbia Management. “We have broad, national distribution and experienced investment teams who seek to offer families and financial advisors a smart, disciplined and tax-efficient way to save for a child’s college education.”The Future Scholar 529 College Savings Plan offers three investment options: Age-based – corresponds with the child’s age and the parents’ risk tolerance over time Target-allocation – six target allocation portfolios ranging from conservative to aggressive Single-fund – variety of mutual funds ranging from domestic and international equity funds to more-conservative fixed income funds The direct-sold Future Scholar program is available only to South Carolina residents. The advisor-sold program is available nationally. South Carolina’s 529 program has $1.5 billion in assets and 93,000 accounts as of June 30, 2012. For more information, please visit futurescholar.com. About Columbia Management:Columbia Management is the eighth largest manager of long-term mutual fund assets with $344 billion under management as of March 31, 2012. Columbia Management is a subsidiary of Ameriprise Financial, Inc. (NYSE: AMP). For more information please visit columbiamangement.com. Please consider the investment objectives, risks, charges and expenses carefully before investing. Contact your financial advisor or visit columbiamanagement.com for a Program Description, which contains this and other important information about the Future Scholar 529 College Savings Plan. Read it carefully before investing. You should also consider, before investing, whether the investor’s or designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s qualified tuition program. Participation in the Direct Plan is limited to a select group of investors, as described in the Program Description. You may also participate in the Advisor Plan, which is sold exclusively through financial advisors. The Advisor Plan offers additional investment choices, but the fees and expenses are higher. Please refer to the Program Description for more information.