State of Illinois Treasurer's Office, Springfield, hired OppenheimerFunds to manage the Illinois Bright Start College Savings Program, subject to the approval of incoming state Treasurer Alexi Giannoulias, said Bartt Stevens, director of the $2.1 billion 529 plan. The firm replaces Legg Mason, whose contract expires March 27, Mr. Stevens said.
"OppenheimerFunds' ability to provide 529 investors with solid performance, a broad range of investment options and a low fee structure set them apart from competitors," Judy Baar Topinka, the outgoing treasurer, said in a statement.
An RFP was issued in May.
