Alabama's college investment program is changing managers. The state board that oversees the College Counts 529 Fund selected Union Bank and Trust Co. Wednesday to replace Van Kampen Investments, which had managed the program since its start in 2002.
State Treasurer Kay Ivey said the board interviewed several companies, and Union Bank and Trust of Lincoln, Neb., offered lower costs, increased online capabilities, and expanded investment choices.
Ivey said the transition to Union Bank and Trust should occur by late summer.
Families invest in the College Counts program to better manage education costs. The program has $660 million in assets. It is separate from Alabama's prepaid college tuition plan.