Nevada State Treasurer's Office, Carson City, hired State Street Global Advisors as investment manager of one of the state's four 529 college savings plans, confirmed Steve George, chief of staff for Treasurer Kate Marshall.
The previous investment manager for the $965 million plan, Vanguard Group, still runs another Nevada 529 plan, the Vanguard 529 College Savings Plan. Mr. George said the change was made because Ms. Marshall was interested in a new set of investment options for participants.
Upromise Investments remains as the plan's third-party administrator. The state has changed the plan name to SSgA Upromise 529 plan from the Upromise College Fund 529 Plan.
The plan features three target-risk portfolios, seven college-date portfolios, 15 SPDR ETFs, and one high-yield savings portfolio run by Sallie Mae, according to SSgA spokeswoman Arlene Roberts.
