The ScholarShare Investment Board (SIB) has appointed TIAA-CREF to manage its college-savings plan, which has $4 billion in assets, Bloomberg reports. The system, which manages California’s 529 program, has awarded a five-year contract.
Boston-based Fidelity Investments, which did not rebid for the contract, is currently managing the college-savings plan. TIAA-CREF will have eight people in California dedicated to promoting the accounts and will spend $10 million annually on marketing, nearly double of what Fidelity spent.
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