State Street Global Advisors of Boston has formed a new, wholly-owned subsidiary, Schoolhouse Capital LLC, to focus on the education savings market, according to State Street Global.

The first of Schoolhouse's products will be The Education Plan, a section 529 college savings program. The plan will use multi-managers and will allow investors to choose between funds and customize their allocations, depending on their children's ages and proximity to college. It will also allow online enrollment and money transfers from individuals' bank accounts.

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