Putnam Investments will add 10 individual asset class investment options to its 529 savings program, Putnam CollegeAdvantage. The company described the additions as the first individual asset options to be available in a 529 program.
"The enhancements to Putnam CollegeAdvantage are being introduced after changes in the federal tax code, as well as demand from investors and financial advisors for more investment choices," the company said in a statement. After Jan. 2, investors will be able to specify an investment category with a corresponding Putnam fund in addition to four existing asset allocation options.
Investments can be split between individual asset classes, asset allocation options or in any combination. Allocations can be changed once a year or when a beneficiary changes, and can exchanged between any investment option.
Putnam CollegeAdvantage was introduced by Putnam and the Ohio Tuition Trust Authority in Oct. 2000. As of Nov. 30, the plan had $940 million in assets.