New York Life Investment Management hired State Street Global Advisors and J.P. Morgan Fleming Asset Management to manage portions of its new CollegeSense 529 Higher Education Savings Plan. SSgA will manage active international equities, active domestic fixed income and an active domestic large-cap growth and value blend strategy. J.P. Morgan Fleming will manage active, domestic midcap growth and small-cap growth equities.
NYLIM will manage the balance of the portfolio using combinations of its MainStay and Eclipse mutual fund families in the following asset classes: active domestic large-cap growth equities; active domestic large-cap value equities; active international equities; active domestic bonds; active international equities; and money market.
The program offers nine investment options. There is an age-based series of portfolios as well as a series of asset allocation portfolios that include an all-equity, all-bond and short-term, yield-oriented portfolio.