SSgA Upromise 529 Plan Tops $1 Billion In Assets
February 06 2013 - 10:30AM
Business Wire
State Street Global Advisors (SSgA)*, the asset management
business of State Street Corporation (NYSE: STT), today announced
that assets in the SSgA Upromise® 529 Plan have surpassed $1
billion. The SSgA Upromise 529 Plan is the nation’s largest 529
plan featuring an investment lineup predominately composed of
exchange traded funds (ETFs).
“This milestone represents a successful start for the SSgA
Upromise 529 Plan,” said Steve Coyle, managing director and head of
the U.S. Sub-Advisory group at State Street Global Advisors. “While
ETFs are relatively new to the 529 market, we’re confident their
use will grow rapidly as families saving for college better
understand their core benefits.”
Launched in April 2012 in partnership with the State of Nevada
and Upromise Investments, Inc., the SSgA Upromise 529 (the plan) is
designed to lower costs and simplify investment choices for
families saving for college. The Plan offers static portfolio
options that invest in individual SPDR® exchange traded funds
(ETFs) and college-date and risk-based 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. The Plan also offers a Savings Portfolio that
invests in the Sallie Mae High Yield Savings Account. Upromise
Investments, Inc., a leading administrator of 529 college savings
plans, is the program manager.
State Street manages more than $340** billion in SPDR ETF assets
worldwide (as of December 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.
____________________________________________________________________
*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.
$72.2 billion as of December 31, 2012), for which State Street
Global Markets, LLC, an affiliate of State Street Global Advisors
serves as the marketing agent.
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 for the Plan. 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. 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. State
Street Global Advisors and SSgA are registered trademarks of State
Street Corporation. All other marks are the exclusive property of
their respective owners.
CORP-0675
State Street (NYSE:STT)
Historical Stock Chart
From Jun 2024 to Jul 2024
State Street (NYSE:STT)
Historical Stock Chart
From Jul 2023 to Jul 2024