The Markets November 18, 2010

529 Plan Assets up 8.5% in Q310

Total 529 college savings plan assets increased to an estimated $127 billion as of 3Q10, reflecting an 8.5% increase from 2Q10 assets of $117 billion, according to the Financial Research Corporation (FRC).
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Over the last 12 months, 529 plan assets have increased by 15%, FRC said. In contrast, long-term mutual fund and ETF assets (including funds of funds) have increased by 16% over the past year, from $7.167 billion to $8.346 billion.

According to FRC data, the top 529 plans by Q310 assets were Virginia’s CollegeAmerica, distributed and managed by American Funds, at $27.7 billion, up 10.7% over the prior quarter; New York’s College Savings Program-Direct, distributed by Vanguard and administered by Upromise Investments, at $8.5 billion, up 6.3% over the prior quarter; and Rhode Island’s CollegeBoundfund, distributed and administered by AllianceBernstein, at $7.2 billion, up 6.2% from the prior quarter.

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The top Q310 529 managers by assets were:

  • American Funds, Virginia, $27.7 billion, up 10.7% over the prior quarter;
  • Upromise Investments, 11 states, $24.3 billion, up 8.1% over the prior quarter; and
  • Fidelity, five states, $13.4 billion, up 8.6% over the prior quarter.

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