Massachusetts decides to keep Fidelity as program manager

The Massachusetts Educational Financing Authority (MEFA) has announced that Fidelity Investments has won the bid to manage its U.Fund 529 college savings program and provide services for its U.Plan prepaid tuition program. Fidelity has been U.Fund's manager since its inception in 1999, and the new contract extends to 2014 with possible renewal to 2019.

MEFA and Fidelity plan to announce the U.Fund College Investing Plan enhancements – including broader investment options, changes to the product and investment design, and low cost pricing to help parents save more – later in the year, subject to execution of a satisfactory contract.

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