Putnam Investments has been selected to manage one of Nevada’s 529 college savings plan.
The Boston-based investment manager will become a program manager in Nevada on Oct. 1, according to an announcement issued Thursday by the state treasurer and its college savings plans board.
Under terms of the contract, the advisor-sold program, which is offered nationally through financial advisors, will offer a comprehensive tuition payment analysis tool and provide advisors with a portal to manage all Putnam 529 client plans with a single login.
Putnam will join USAA, Columbia Management, Vanguard and Upromise, who also run 529 plans through Nevada. Columbia also manages an advisor-sold plan.
Putnam has offered advisor-sold 529 plans through Ohio for 10 years, but as of Oct. 1 they will no longer manage one of the state’s advisor-sold plans. According to a Putnam spokesman, Ohio has decided to move from two advisor-sold plans – offered by BlackRock and Putnam – to one managed by BlackRock.