OppenheimerFunds to manage Illinois Bright Start 529

Illinois State Treasurer Alex Giannoulia today announced the selection of OppenheimerFunds Inc. to take over the management of the Bright Start College Savings Program later this year. OppenheimerFunds is replacing current manager Legg Mason and will be assuming the more than $2.1 billion currently invested in the program.

Current plan participants will see their accounts automatically moved into new portfolios consisting of OppenheimerFunds actively-managed funds. Three additional options investing in Vanguard index funds will also become available. The expenses of the portfolios will range between 0.53% and 0.64% for the actively-managed portfolios, and between 0.19% and 0.21 percent for the index-fund portfolios.

OppenheimerFunds has also committed to making $500,000 in scholarships available for each of the seven years in its management contract with Illinois.

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