JPMorgan Fleming Asset Management has partnered with Alliance Capital Management to provide Rhode Island's 529 college savings plan. Called the JPMorgan Higher Education Plan and to be managed by the two firms, it will be distributed by J.P. Morgan Fund Distributors.

The plan will offer four portfolios that combine a mix of equity and bond mutual funds ranging in aggressiveness from equity growth, to balanced to conservative, plus a fourth age-based portfolio that will invest more conservatively over time. The plan will have a contribution limit of $287,070, or $11,000 per contributor a year, and require minimum investments of $50 a month for those who sign up for the automatic contribution plan.

The program will also allow participants to invest up to five years' worth of contributions in a single year, meaning that individual contributors will be able to invest $55,000 per beneficiary and married couples will be able to invest $110,000.

George Gatch, president of JPMorgan Funds, said the two firms "have complementary investment styles."

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