In November 2012, ING US Investment Management (ING US IM) was appointed as the program manager for the Wisconsin Tomorrow’s Scholar 529 Plan and for the Iowa Advisor 529 Plan in March of 2013.
ING US IM manages all investment, product, marketing, sales and distribution, customer service and recordkeeping activities for the two programs.
With over 121,000 shareholder accounts and about $1.4bn in assets, the Wisconsin 529 plan includes 39 investment options, while the Iowa 529 plan covers 22 investment options with over 38,000 shareholder accounts and almost $150m in assets.
ING Funds managing director and CEO Michael J Roland said, "Savings vehicles like 529 plans are becoming increasingly popular, and our goal is to provide these options as a way to help advisors and their clients meet their investment objectives with confidence."
BNY Mellon’s Global Financial Institutions group client service delivery executive vice president and head Nancy Wolcott said that the bank offers its investment manager clients with robust servicing solutions, including 529 services to improve their competitiveness.
Delivering fund accounting and administration services to over 117 fund complexes with $1.6trn in assets in more than 2,000 funds, BNY also offers shareholder recordkeeping services to over 140 million shareholder accounts with assets of more than $3.9trn.
