The Wisconsin State Department of Administration has announced that Wells Fargo Funds Management has been selected to provide management services for EdVest - the state's 529 college savings plan - effective May 1, 2006, according to U.S. Fed News.
The EdVest College Savings Plan was launched in 1997 and in May of 2001 it was expanded to include mutual fund investments. In addition, Wisconsin also began to offer the Tomorrow's Scholar program. Together the two programs have gained more than 200,000 account holders and invested assets of more that $1.5 billion.
With the new contract, EdVest investors will be saving money, as the annual fees paid to the manager will decrease for most of the investors.
"We are looking forward to continuing our relationship with Wells Fargo, but, more importantly, we are pleased to deliver savings for EdVest investors and beneficiaries," said Wisconsin DOA Deputy Secretary Gina Frank-Reece. "Any savings achieved by EdVest participants will bring them closer to their educational goals," she added.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.