South Carolina Selects Columbia Management as Program Manager

Columbia Management, which has partnered with the state since 2001, will continue to be the investment manager and distributor of the state’s adviser-sold and direct-sold college savings plans. The contract expires in 2017.

“It is very important for families to have a simple and efficient way to save for their children and grandchildren’s college education,” said South Carolina Treasurer Curtis M. Loftis Jr. “There is nothing more important than a quality education, and the Future Scholar 529 Plan helps make college more accessible to the citizens of South Carolina.”

The Future Scholar 529 College Savings Plan offers three investment options: age-based–corresponds with the child’s age and the parents’ risk tolerance over time; target-allocation–six target allocation portfolios ranging from conservative to aggressive; and single-fund–variety of mutual funds ranging from domestic and international equity funds to more conservative fixed-income funds.

The direct-sold Future Scholar program is available only to South Carolina residents. The adviser-sold program is available nationally. South Carolina’s 529 program has $1.5 billion in assets and 93,000 accounts as of June 30. For more information, click here.