Wells Fargo to leave 529 manager role in Wisconsin

Wells Fargo has informed Wisconsin that it does not intend to bid on the management of the state's 529 savings program when its current contract ends in October 2012. Wells Fargo is currently responsible for managing Wisconsin's EdVest 529 plan, with approximately $1.8 billion in assets, and the advisor-sold Tomorrow's Scholar plan with approximately $900 million.

The EdVest board plans to issue a request for proposals to interested bidders for the manager role in January or February 2012.
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