Private College 529 Plan changes manager

By Gary Linnell

ProWEB Wire (Industry News)

The Tuition Plan Consortium has chosen a subsidiary of OppenheimerFunds to manage its $160 million Private College 529 Plan -- a plan once managed by the Teachers Insurance and Annuity Association - College Retirement Equities Fund.

The Private College 529 Plan is offered directly to consumers as a way to pay for tuition at any one of the private colleges and universities in the consortium.

The group, which is made up of 272 private universities and colleges, decided to switch managers to OFI Private Investments in an effort to build its distribution -- particularly through the advisor channel.