Money Management Executive
Franklin Templeton Aligns with Mercury to Sell 529 Plan
April 04, 2001, 1:00 a.m. EDT 1 Min Read
Franklin Templeton Investments of San Mateo, Calif. and Mercury Funds of New York have formed a partnership in which Franklin Templeton will distribute one of Mercury Funds 529 college savings plans, the two firms announced yesterday.
The deal will allow Franklin Templeton to include different investment options in the plan and will give the plan distribution through Franklin Templetons national distribution network of broker-dealers, banks and insurance companies, according to a statement.
The plan, which is administered by Mercury on behalf of the state of Arkansas, will also be distributed through Merrill Lynchs distribution network, according to the statement. Mercury is Merrills investment management subsidiary.
The plan includes an age-based portfolio, which adjusts asset allocations based on a childs age, and a risk-adjusted portfolio, which allows investors to adjust asset allocations based on their risk tolerance, according to Mercury.
Mercury Funds also administers a 529 college savings plan for the state of Wyoming.
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Money Management Executive