South Carolina State Treasurer's Office, Columbia, hired Columbia Management as bundled provider for the state's two college savings plans, confirmed spokesman Brian DeRoy.
Columbia Management has been provider for the $1.5 billion Future Scholar 529 College Savings Plan since 2001; this is the first time the firm will take over as “program manager” of the $116 million South Carolina Tuition Prepayment Program. Intuition Systems was the record keeper.
Columbia will operate program administration, customer service, record keeping, investment management, marketing and distribution for both plans.
The contract runs through 2017. An RFP was issued in December.