OppenheimerFunds wins bid for Texas 529

The Dallas Morning News reports that OppenheimerFunds has won the bid to take over as program manager of the Texas 529 savings program, pending successful completion of contract negotiations.

The contract with current program manager Enterprise Capital Management (now AXA) expires on August 31, 2007. The Texas savings program currently has approximately $200 million in assets and is primarily broker-sold although Texas residents may enroll directly without a sales load.

OppenheimerFunds currently manages 529 savings programs in New Mexico and Oregon, and will take over the Illinois Bright Start 529 savings program this summer.
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