New Mexico's 529 college savings program consists of two plans: The Education Plan, which is sold directly to investors, and the Scholar's Edge, which is sold through financial advisers.
Ascensus will provide program management, record keeping, administrative services and investment oversight for both plans. Principal Global Investors is providing investment management services for the Scholar's Edge plan.
The board made the selection June 21 following an RFP launched in February. The RFP was issued in response to the acquisition of incumbent OppenheimerFunds by Invesco, which oversaw the entire program.
"We needed to make a conversion because they (OppenheimerFunds) would no longer be an independent company," Mr. Miller said.