OppenheimerFunds will offer a qualified 529 program targeted to investment advisers. Called Scholar’s Edge, the program will be managed by State Street Corp. subsidiary Schoolhouse Capital LCC and will offer funds from both State Street and OppenheimerFunds.

"This multimanager platform, along with its custom choice investment design, offers distinct benefits not available through other 529 savings vehicles," said Raquel Granahan, VP and product manager at OppenheimerFunds.

Investors will be able to choose between custom-choice and age-based portfolios. The custom-choice option offers a range of portfolios, including a series of asset-specific options. The age-based option is based on the number of years before the beneficiary enrolls in college and targets a range of risk-reward objectives that automatically change over time as he or she nears enrollment.

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