NEW YORK, Nov. 17, 2015 /PRNewswire/
-- AllianceBernstein L.P. ("AB"), a leading global investment
management firm, today announced that the program management of
Rhode Island's 529 college savings
plan, CollegeBoundfund®, will transition to a new manager as
of July 1, 2016, pending the approval
of Rhode Island's State Investment
Commission (SIC) and the SIC's negotiation of a contract with its
selected provider.
AB has worked in partnership with the State of Rhode Island for more than 15 years
to provide a quality 529 college savings program and award-winning
servicing platform to support the needs of a wide range of
investors across the nation and the tens of thousands of advisors
who assist them.
"We are very proud of our long-time partnership with the State
to help families across the country save for college," said
Robert Keith, Head of the Global
Client Group for AB. "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."
About AB
AB is a leading global investment
management firm that offers high-quality research and diversified
investment services to institutional investors, individuals and
private wealth clients in major world markets.
As of September 30, 2015, AB
Holding owned approximately 36.2% of the issued and outstanding AB
Units and AXA, one of the largest global financial services
organizations, owned an approximate 63.4% economic interest in
AB.
Additional information about AB may be found on our
website, www.abglobal.com.
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SOURCE AB