State Street Global Advisors (SSgA)*, the asset management
business of State Street Corporation (NYSE: STT), today announced
the launch of the SSgA Upromise® 529 Plan, marking a new
arrangement with the State of Nevada and Upromise Investments, Inc.
Designed to lower costs and simplify investment choices, the SSgA
Upromise 529 Plan features innovative investment strategies that
will be implemented using State Street’s SPDR® exchange traded
funds (ETFs).
“We’re excited to partner with Nevada and Upromise Investments,
Inc. to offer SPDR ETF investments to American families looking to
enhance their college savings strategies,” said James Ross, senior
managing director and global head of SPDR Exchange Traded Funds at
State Street Global Advisors. “The SSgA Upromise 529 Plan combines
the benefits of State Street’s institutional asset management with
SPDR ETFs to offer advisors and investors innovative college
savings solutions at significantly lower costs.”
Nevada’s direct-sold Upromise College Fund 529 Plan has been
re-named the SSgA Upromise 529 Plan, and will continue to be
direct-sold as well as now available through fee-based Registered
Investment Advisors. The plan now includes new portfolio options
managed by SSgA’s Investment Solutions Group, a dedicated team of
investment professionals who develop customized solutions tailored
to specific needs. The group specializes in managing and advising
investors on asset allocation, risk management, portfolio
construction and plan implementation. Upromise Investments, Inc., a
leading administrator of 529 college savings plans, will remain as
the program manager.
“Closing the college savings gap and securing a better future
for the next generation requires a team effort,” said Nevada State
Treasurer Kate Marshall. “We’re excited to bring State Street’s
sophisticated institutional investment management expertise and
industry leading SPDR ETFs to families saving for college through
the SSgA Upromise 529 Plan.”
The SSgA Upromise 529 Plan’s investment solutions
include:
College Date Portfolios: Designed to make investing as
easy as selecting the year in which the beneficiary is expected to
start college, the plan’s seven College Date Portfolios are
tactically managed to make changes to each portfolio’s asset
allocation, within an allowable range, in response to changing
market conditions. Powered by multiple SPDR ETFs, and where
applicable, a SSgA money market mutual fund, each portfolio is
managed to become more conservative as the expected college
enrollment date nears.
Risk-Based Portfolios: Tailored to match an investors’
risk tolerance, the plan features three Risk-Based Portfolios
(Conservative, Moderate, and Aggressive) that employ a tactical
asset allocation strategy designed to identify opportunities and
manage risk. The funds underlying the Risk-Based Portfolios include
multiple SPDR ETFs, and where applicable, a SSgA money market
mutual fund.
Static Portfolios (Accessing Individual SPDR ETFs):
Investors and fee-based advisors seeking the flexibility to build
and maintain their own customized portfolios can choose from a
selection of fifteen SPDR ETFs that provide precise, cost effective
access to an array of domestic and international asset classes.
Savings Portfolio: The plan also includes a Federal
Deposit Insurance Corporation (FDIC)-insured savings portfolio,
which invests 100 % of its assets in the Sallie Mae High-Yield
Savings Account (HYSA)1
“The SSgA Upromise 529 Plan provides families saving for college
with direct access to an innovative, low cost 529 plan,” said
Upromise Investments’ President, Jeff Howkins. “We’re pleased to be
working with the State of Nevada and State Street to help families
better prepare for the rising costs of higher education.”
For more information about the SSgA Upromise 529 Plan, please
visit www.ssga.upromise529.com.
State Street manages approximately $307** billion in SPDR ETF
assets worldwide (as of March 31, 2012) and is one of the largest
ETF providers globally.
About SPDR Exchange Traded Funds
SPDR ETFs are a comprehensive family spanning an array of
international and domestic asset classes. SPDR ETFs are managed by
SSgA Funds Management, Inc., a registered investment adviser and
wholly owned subsidiary of State Street Bank and Trust Company. The
funds provide professional investors with the flexibility to select
investments that are precisely aligned to their investment
strategy. Recognized as the industry pioneer, State Street created
the first ETF in 1993 (SPDR S&P 500® – Ticker SPY). Since then,
we’ve sustained our place as an industry innovator through the
introduction of many ground-breaking products, including
first-to-market launches with gold, international real estate,
international fixed income and sector ETFs. For more information,
visit www.spdrs.com.
About State Street Global Advisors
State Street Global Advisors (SSgA) is a global leader in asset
management. The firm is relied on by sophisticated investors
worldwide for its disciplined investment process, powerful global
investment platform and access to every major asset class,
capitalization range and style. SSgA is the asset management
business of State Street Corporation, one of the world’s leading
providers of financial services to institutional investors.
About The College Savings Plans of Nevada
The Nevada State Treasurer’s Office and the Board of Trustees of
the College Savings Plans of Nevada proudly administer four diverse
national college savings plans, which each offer unique savings
opportunities for families planning ahead for the children’s future
higher education needs: the SSgA Upromise 529 Plan, the Vanguard
529 College Savings Plan, the USAA 529 College Savings Plan, and
the Putnam 529 for America Plan. For more information, go to
NevadaTreasurer.gov.
About Upromise Investments, Inc.
Upromise Investments, Inc. (UII) is the program manager for the
SSgA Upromise 529 Plan. UII and/or its affiliate Upromise
Investment Advisors, LLC, services 31 plans across 16 states with
$37.5 billion in assets as of December 31, 2011. Upromise
Investments is a subsidiary of Sallie Mae.
For more information about the SSgA Upromise 529 Plan call
1-800-587-7305 or visit www.ssga.upromise529.com to obtain a Plan
Description and Participation Agreement. Investment objectives,
risks, charges, expenses, and other important information are
included in the Plan Description; read and consider it carefully
before investing. Upromise Investments, Inc Distributor.
If you are not a Nevada taxpayer, consider before investing
whether your or the beneficiary's home state offers any state tax
or other benefits that are only available for investments in such
state’s qualified tuition program.
The SSgA Upromise 529 Plan (Plan) is administered by the Board
of Trustees of the College Savings Plans of Nevada (Board), chaired
by Nevada State Treasurer Kate Marshall. Upromise Investments, Inc
(UII) serves as the Program Manager. UII has overall responsibility
for the day-to-day operations, including distribution of the Plan
and provision of certain marketing services. State Street Global
Advisors (SSgA) serves as Investment Manager for the Plan except
for the Savings Portfolio, which is managed by Sallie Mae Bank, and
also provides or arranges for certain marketing services for the
Plan. The Plan's Portfolios invest in either (i) Exchange Traded
Funds and mutual funds offered or managed by SSgA or its
affiliates; or (ii) a Federal Deposit Insurance Corporation
(FDIC)-insured omnibus savings account held in trust by the Board
at Sallie Mae Bank. Upromise, Inc., UII and Sallie Mae Bank are
affiliates. Except for the Savings Portfolio, investments in the
Plan are not insured by the FDIC. Units of the Portfolios are
municipal securities and the value of units will vary with market
conditions.
Investment returns will vary depending upon the performance of
the Portfolios you choose. Except to the extent of FDIC insurance
available for the Savings Portfolio, you could lose all or a
portion of your money by investing in the Plan, depending on market
conditions. Account Owners assume all investment risks as well as
responsibility for any federal and state tax consequences.
Upromise rewards is an optional service offered by Upromise,
Inc., is separate from the SSgA Upromise 529 Plan, and is not
affiliated with the State of Nevada. Terms and conditions apply to
the Upromise service. Participating companies, contribution levels,
and terms and conditions are subject to change at any time without
notice. Upromise, Inc. is affiliated with Upromise Investments,
Inc. and Sallie Mae Bank.
*SPDR ETFs are managed by SSgA Funds Management, Inc., a
registered investment adviser and wholly owned subsidiary of State
Street Bank& Trust Company.
**This AUM includes the assets of the SPDR Gold Trust (approx.
$68 billion as of March 31, 2012), for which State Street Global
Markets, LLC, an affiliate of State Street Global Advisors serves
as the marketing agent.
SPDR is a registered trademark of Standard & Poor Financial
Services LLC (&P and has been licensed for use by State Street
Corporation. STANDARD & POOR, S&P, S&P 500, S&P
SMALLCAP 600 and S&P MIDCAP 400 are registered trademarks of
Standard & Poor Financial Services LLC. No financial product
offered by State Street Corporation or its affiliates is sponsored,
endorsed, sold or promoted by S&P or its affiliates, and
S&P and its affiliates make no representation, warranty or
condition regarding the advisability of buying, selling or holding
units/shares in such products. Further limitations and important
information that could affect investors’ rights are described in
the prospectus for the applicable product.
State Street Global Advisors and SSgA are registered trademarks
of State Street Corporation
State Street Global Advisors, One Lincoln Street, Boston, MA
02111.
2012 State Street Corporation. All Rights Reserved.
CORP-0481
Exp. Date: 4/30/2013
1 The HYSA is held in an omnibus savings account insured by the
FDIC, which is held in trust by the Board of Trustees of the
College Savings Plans of Nevada at Sallie Mae Bank. Contributions
to and earnings on the investments in the Savings Portfolio are
insured by the FDIC on a pass-through basis to each account owner
up to $250,000, the maximum amount set by federal law. The amount
of FDIC insurance provided to an account owner is based on the
total of (a) the value of an account owner's investment in the
Savings Portfolio; and (b) the value of all other accounts held by
the account owner at Sallie Mae Bank, as determined by Sallie Mae
Bank and FDIC regulations.
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