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Deals & People June 2, 2010
AllianceBernstein Renews 529 Plan Contract with Rhode Island
AllianceBernstein has renewed its contract to provide program management and investment management services to CollegeBoundfund, Rhode Island’s adviser-sold 529 college savings plan.
Reported by Ellie Behling
The Rhode Island Higher Education Assistance Authority and the Rhode Island State Investment Commission renewed the firm’s contract with AllianceBernstein for a five-year term, allowing for an additional five years, according to an announcement.
AllianceBernstein began its role as program manager for CollegeBoundfund in 2000. During the first 10 years, the firm said it significantly grew the program from 1,700 accounts and $8.5 million in assets to more than 502,000 accounts and $7.4 billion in assets (as of April 30). CollegeBoundfund was the second largest adviser-sold 529 program in the nation as of March 31, according to AllianceBernstein, citing Financial Research Corporation.