Rhode Island Selects Ascensus College Savings and Invesco for CollegeBoundfund College Savings Program
November 18 2015 - 12:00PM
Business Wire
Ascensus College Savings, the nation’s largest administrator of
529 college savings programs, announced that it has been selected
by the State of Rhode Island as program manager for
CollegeBoundfund, the state’s 529 program. Invesco, in partnership
with Ascensus College Savings, was selected as the investment
manager for CollegeBoundfund and the distributor for the
advisor-sold plan. This marks the first time that Ascensus College
Savings has partnered with Invesco.
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Ascensus College Savings will provide program management,
recordkeeping, and administrative services, including customer
service and online functionality for account management by account
owners and financial advisors. Ascensus College Savings will also
be responsible for marketing, distribution, and community outreach
for the direct-sold plan.
Invesco, a leading independent global investment management
firm, utilizes distinctive investment teams to manage a
comprehensive range of capabilities, and is sharply focused on
achieving strong outcomes for investors. The firm will provide all
aspects of investment management services for both the advisor- and
direct-sold plans, and marketing and sales for the advisor-sold
plan. Investors may benefit from Invesco‘s leading expertise in
evaluating, constructing, and managing portfolios designed to meet
specific client goals.
In order to accommodate the needs of Rhode Island college
savers, Ascensus College Savings has started to evaluate potential
office locations within the state. The firm plans to create 35 new
Rhode Island jobs and will open an office by June 2016.
"We’re charged with providing our residents with the best
options to help them meet their college savings needs, and we take
this responsibility seriously," said Rhode Island General Treasurer
Seth Magaziner. "After careful consideration, it was clear to us
that Ascensus College Savings and Invesco offered the best
opportunities for Rhode Island parents and families to save today
so they can meet the rising costs of higher education
tomorrow."
“We look forward to working with the State of Rhode Island and
Invesco to help Rhode Islanders achieve their college savings
goals,” stated Jeff Howkins, president of Ascensus College Savings.
“As a lifelong resident, 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.”
“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.”
About 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 and is home to one of the largest ERISA consulting
teams in the country. For more information about Ascensus, visit
www.ascensus.com.
View career opportunities at careers.ascensus.com or on LinkedIn
at linkedin.com/company/ascensus. For the latest company news,
follow @AscensusInc on Twitter.
About Invesco Ltd.
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 at www.invesco.com.
Invesco Distributors, Inc. is the US distributor for Invesco
Ltd. It is an indirect, wholly owned subsidiary of Invesco Ltd.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151118006219/en/
Ascensus:Roberta Hess,
215-648-1426Roberta.Hess@ascensus.comorInvesco:Jeaneen
Terrio, 212-278-9205Jeaneen.terrio@invesco.comorRhode Island
Office of the General Treasurer:David Ortiz,
401-403-6674Dortiz@treasuryri.gov
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