Press release from Business Wire
SSgA Upromise 529 Plan Tops $1 Billion In Assets
Wednesday, February 06, 2013
SSgA Upromise 529 Plan Tops $1 Billion In Assets10:30 EST Wednesday, February 06, 2013
BOSTON (Business Wire) -- State Street Global Advisors (SSgA)*, the asset management business of
State Street Corporation (NYSE: STT), today announced that assets in the
SSgA Upromise® 529 Plan have surpassed $1 billion. The SSgA Upromise 529
Plan is the nation's largest 529 plan featuring an investment lineup
predominately composed of exchange traded funds (ETFs).
“This milestone represents a successful start for the SSgA Upromise 529
Plan,” said Steve Coyle, managing director and head of the U.S.
Sub-Advisory group at State Street Global Advisors. “While ETFs are
relatively new to the 529 market, we're confident their use will grow
rapidly as families saving for college better understand their core
benefits.”
Launched in April 2012 in partnership with the State of Nevada and
Upromise Investments, Inc., the SSgA Upromise 529 (the plan) is designed
to lower costs and simplify investment choices for families saving for
college. The Plan offers static portfolio options that invest in
individual SPDR® exchange traded funds (ETFs) and college-date and
risk-based portfolio options managed by SSgA's Investment Solutions
Group, a dedicated team of investment professionals who develop
customized solutions tailored to specific needs. The group specializes
in managing and advising investors on asset allocation, risk management,
portfolio construction and plan implementation. The Plan also offers a
Savings Portfolio that invests in the Sallie Mae High Yield Savings
Account. Upromise Investments, Inc., a leading administrator of 529
college savings plans, is the program manager.
State Street manages more than $340** billion in SPDR ETF assets
worldwide (as of December 31, 2012) and is one of the largest ETF
providers globally.
About SPDR Exchange Traded Funds
SPDR ETFs are a comprehensive family spanning an array of international
and domestic asset classes. SPDR ETFs are managed by SSgA Funds
Management, Inc., a registered investment adviser and wholly owned
subsidiary of State Street Bank and Trust Company. The funds provide
professional investors with the flexibility to select investments that
are precisely aligned to their investment strategy. Recognized as the
industry pioneer, State Street created the first ETF in 1993 (SPDR S&P
500® – Ticker SPY). Since then, we've sustained our place as an industry
innovator through the introduction of many ground-breaking products,
including first-to-market launches with gold, international real estate,
international fixed income and sector ETFs. For more information, visit www.spdrs.com.
About State Street Global Advisors
State Street Global Advisors (SSgA) is a global leader in asset
management. The firm is relied on by sophisticated investors worldwide
for its disciplined investment process, powerful global investment
platform and access to every major asset class, capitalization range and
style. SSgA is the asset management business of State Street
Corporation, one of the world's leading providers of financial services
to institutional investors.
____________________________________________________________________
*SPDR ETFs are managed by SSgA Funds Management, Inc., a registered
investment adviser and wholly owned subsidiary of State Street Bank&
Trust Company.
**This AUM includes the assets of the SPDR Gold Trust (approx. $72.2
billion as of December 31, 2012), for which State Street Global Markets,
LLC, an affiliate of State Street Global Advisors serves as the
marketing agent.
For more information about the SSgA Upromise 529 Plan call
1-800-587-7305 or visit www.ssga.upromise529.com
to obtain a Plan Description and Participation Agreement. Investment
objectives, risks, charges, expenses, and other important information
are included in the Plan Description; read and consider it carefully
before investing. Upromise Investments, Inc., Distributor.
If you are not a Nevada taxpayer, consider before investing whether your
or the beneficiary's home state offers any state tax or other benefits
that are only available for investments in such state's qualified
tuition program.
The SSgA Upromise 529 Plan (Plan) is administered by the Board of
Trustees of the College Savings Plans of Nevada (Board), chaired by
Nevada State Treasurer Kate Marshall. Upromise Investments, Inc. (UII)
serves as the Program Manager. UII has overall responsibility for the
day-to-day operations including distribution of the Plan and provision
of certain marketing services for the Plan. State Street Global Advisors
(SSgA) serves as Investment Manager for the Plan except for the Savings
Portfolio, which is managed by Sallie Mae Bank, and also provides or
arranges for certain marketing services for the Plan. The Plan's
Portfolios invest in either (i) Exchange Traded Funds and mutual funds
offered or managed by SSgA or its affiliates; or (ii) a Federal Deposit
Insurance Corporation (FDIC)-insured omnibus savings account held in
trust by the Board at Sallie Mae Bank. UII and Sallie Mae Bank are
affiliates. Except for the Savings Portfolio, investments in the Plan
are not insured by the FDIC. Units of the Portfolios are municipal
securities and the value of units will vary with market conditions.
Investment returns will vary depending upon the performance of the
Portfolios you choose. Except to the extent of FDIC insurance available
for the Savings Portfolio, you could lose all or a portion of your money
by investing in the Plan, depending on market conditions. Account Owners
assume all investment risks as well as responsibility for any federal
and state tax consequences. State Street Global Advisors and SSgA are
registered trademarks of State Street Corporation. All other marks are
the exclusive property of their respective owners.
CORP-0675
State Street Global AdvisorsAnne McNally, +1-617-664-8576orSallieMaeDebby
Hohler,+1-617-454-6741orRiver CommunicationsTroy
Mayclim,+1-914-686-5599
