Connecticut state Treasurer Shawn T. Wooden selected Fidelity Investments as manager of the $3.6 billion Connecticut Higher Education Trust, the state's 529 college savings plan, confirmed Michelle Woods-Matthews, spokeswoman for Mr. Wooden.
Effective Monday, Fidelity replaced previous plan manager TIAA-CREF Tuition Financing.
An RFP seeking a program manager was issued in January 2020 to select the best program managers for both the CHET Direct and Advisor plans. TIAA-CREF Tuition Financing submitted a bid.
Mr. Wooden is principal fiduciary of the $40 billion Connecticut Retirement Plans & Trust Funds, Hartford.
