Columbia Management Group, the asset management arm of FleetBoston Financial, yesterday announced the launch of Columbia 529 Plan, a college savings vehicle sponsored by the state of Nevada.

The plan offers 25 portfolios, including Columbia’s own, as well as those of its affiliate, Liberty Funds, as well as ones from OppenheimerFunds and Marsico Capital Management. The plan also offers an automated dollar-cost averaging program.

Columbia 529 also has a tie-in with Upromise, whereby purchase rebates can be directly transferred to the Columbia 529 account.

"Investors are accustomed to seeing multi-manager offerings in their retirement plans, and they have come to expect the same in their college savings plans," said Jim Tambone, co-president of Liberty Funds Distributor.

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