The Markets June 6, 2012

529 Plan Assets Increase in Q1 2012

Total 529 college savings plan assets were an estimated $158.3 billion in Q1 2012, according to data from Financial Research Corporation (FRC), a division of Strategic Insight.
Reported by

This is a 9.6% increase from Q4 2011 assets of $144.4 billion, and an 8.1% increase from Q1 2011 assets of $146.4 billion.`

Compared with other products, long-term mutual fund and exchange-traded fund (ETF) assets (excluding fund-of-fund affiliated) increased 10.6% over the past quarter, from $8.9 trillion, to $9.8 trillion, and increased 4.9% over the past year, from $9.4 billion. Estimated 529 net inflows were $2.9 billion in Q1 2012 compared to inflows of $2.4 billion in Q4 2011 and inflows of $3.3 billion in Q1 2011.

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The top five 529 plans by Q4 2011 assets, FRC data found, were CollegeAmerica –Virginia ($33 billion), NY College Savings – Direct -New  York ($11 billion), CollegeBoundfund -Rhode Island ($8 billion), UNIQUE College Investing Plan -New Hampshire ($7 billion), The Vanguard 529 Savings Plan -Nevada ($7 billion), Next Gen -Advisor -Maine ($6 billion), Utah Ed Savings Plan Trust (UESP) -Utah ($5 billion) , ScholarShare College Savings Plan -California ($4 billion) , BlackRock College Advantage -Ohio ($4 billion) and U.Fund College Investing Plan – Massachusetts ($4 billion).

The top five 529 plan program managers by Q1 2012 assets were American Funds ($33 billion), Upromise Investments ($32 billion), TIAA-CREF ($13 billion), Fidelity ($12 billion) and AllianceBernstein ($8 billion).  

More information is available here.

 

Deals & People June 6, 2012

Lincoln Financial Names National Sales Manager

Lincoln Financial Distributors promoted Andrew DeLoreto to national sales manager.
Reported by

DeLoreto will lead all distribution efforts for Lincoln’s insurance solutions line in the new financial institutions channel. He will assist advisers with taxation strategies, retirement planning, wealth protection and wealth transfer.

DeLoreto has more than 24 years of experience in financial services and sales. He joined Lincoln in 1998, and has been divisional sales manager, regional marketing director and sales vice president. Previously, he served in a range of senior sales positions at CIGNA Corporation, including director of national accounts, assistant director of sales support, senior marketing analyst and life claims examiner.

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DeLoreto holds an MBA from the University of Hartford and a bachelor’s in business administration from the University of Connecticut.  He is a Chartered Life Underwriter; Chartered Financial Consultant; and holds Life, Health, Variable, Property and Casualty licenses, as well as FINRA Series 6, 26, and 63 licenses.

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