Strong Capital Management has been selected by the State of Nevada to run its 529 college savings plan, according to a company spokesperson. The company already administers 529 plans in Oregon and Wisconsin.
Nevada has also signed up three additional partners to distribute the plan to investors, according to published reports. The expectation is that the additional distributors will be able to reach a wider array of customers and will be able to offer different investments within the plan, according to the reports.
Strong was selected from an original pool of as many as 30 companies looking to administer the states 529 plan, according to one published report. Many of the companies appeared as if they were interested in using Nevada to launch a national marketing campaign, said Brian Krolicki, Nevada State Treasurer, according to the report. Strongs willingness to create a marketing campaign that would speak to Nevadas overall education investment program, not strictly the 529 plan, was one of the reasons the company won the mandate, Krolicki said, according to the report.