NEW YORK, June 2 /PRNewswire-FirstCall/ -- AllianceBernstein L.P. and AllianceBernstein Holding L.P. (NYSE: AB) today announced that the Rhode Island Higher Education Assistance Authority and the Rhode Island State Investment Commission have renewed the firm's contract to provide program management and investment management services to CollegeBoundfund®, the State's 529 college savings plan.
The agreement is for a five-year term and includes a provision allowing for an additional five years.
"We are delighted to extend our partnership with the State of Rhode Island and to continue helping families across the country save for higher education with CollegeBoundfund," said Robert M. Keith, Executive Managing Director of AllianceBernstein Investments, Inc. "As an industry leader in 529 plans, we remain dedicated to working with financial advisors to help their clients fully take advantage of the clear tax benefit imbedded in this unique savings vehicle and ultimately to help them prepare to meet the rising cost of college."
AllianceBernstein began its role as Program Manager for CollegeBoundfund in 2000 and during these first ten years significantly grew the program from 1,700 accounts and $8.5 million in assets to more than 502,000 accounts and $7.4 billion in assets (as of April 30, 2010).
"The renewal of our relationship with Rhode Island is an affirmation of the tremendous success that we've collectively achieved over the last ten years. As one of the first program managers to achieve national distribution through unaffiliated broker-dealers and advisory firms, we look forward to continuing to provide a premier college savings program to financial advisors and investors alike," added Patricia Roberts, Managing Director and Senior 529 Product Manager, AllianceBernstein Investments.
CollegeBoundfund was the second largest advisor-sold 529 program in the nation as of March 31, 2010, according to Financial Research Corporation.
AllianceBernstein is a leading global investment-management firm that offers high-quality research and diversified investment services to institutional clients, individuals and private clients in major markets around the world. AllianceBernstein employs more than 500 investment professionals with expertise in growth equities, value equities, fixed-income securities, blend strategies and alternative investments and, through its subsidiaries and joint ventures, operates in more than 20 countries. AllianceBernstein's research disciplines include fundamental research, quantitative research, economic research and currency forecasting capabilities. Through its integrated global platform, AllianceBernstein is well-positioned to tailor investment solutions for its clients. AllianceBernstein also offers high-quality, in-depth research, portfolio strategy and brokerage-related services to institutional investors, and equity capital markets services to issuers of publicly-traded securities.
As of March 31, 2010, AllianceBernstein Holding L.P. ("Holding") (NYSE: AB) owned approximately 36.6% of the issued and outstanding AllianceBernstein Units and AXA, one of the largest global financial services organizations, owned an approximate 62.3% economic interest in AllianceBernstein.
Investors should consider the investment objectives, risks, charges and expenses of CollegeBoundfund carefully before investing. For a copy of the Program Description, which contains this and other information, visit our website at www.collegeboundfund.com, or call your financial representative or AllianceBernstein Investments at (888) 324-5057. Please read the Program Description carefully before investing.
If you are not a Rhode Island resident or if you have taxable income in another state, please note that depending on the laws of your or your beneficiary's home state, favorable state tax treatment or other benefits offered by such home state for investing in 529 college savings plans may be available only for investments in the home state's 529 plan. Any state-based benefit offered with respect to this plan should be one of many appropriately weighted factors to be considered before making an investment decision. Please consult your financial, tax or other adviser to learn more about how state-based benefits (including any limitations) would apply to your specific circumstances. You may also wish to contact your home state or another state's 529 plan to learn more about its features, benefits and limitations before investing. Statements in this material concerning taxation are not offered as individual tax advice.
The investments in CollegeBoundfund are not guaranteed by the State of Rhode Island, the Rhode Island Higher Education Assistance Authority (which established and implemented CollegeBoundfund and makes rules and regulations governing the program), the Rhode Island State Investment Commission (which oversees the investments of the assets of CollegeBoundfund), the Federal Deposit Insurance Corporation (FDIC) or any instrumentality thereof. CollegeBoundfund is managed by AllianceBernstein L.P. and distributed by AllianceBernstein Investments, member FINRA.
AllianceBernstein Investments, Inc. is an affiliate of AllianceBernstein L.P. and member of FINRA.
©2010 AllianceBernstein L.P.
SOURCE AllianceBernstein L.P.