Waddell & Reed of Overland Park, Kan., will offer a new 529 college savings through the state of Arizona, the company has announced.

The new product, known as the Waddell & Reed InvestEd Plan, will be offered through a partnership with Securities Management & Research of Houston, a subsidiary of American National Insurance Company of Galveston, Texas, according to the company.

The two companies were selected by the state of Arizona to exclusively provide investment products through the Arizona Family College Savings Program, the company said.

Waddell & Reed plans to begin offering the new product during this year's fourth quarter. The plan will use funds-of-funds including various Waddell & Reed Advisors Funds.

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