PROVIDENCE, R.I.--(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.
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.”
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.
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.