J.P. MORGAN SELECTED AS INVESTMENT MANAGER FOR NEW YORK’S 529 COLLEGE SAVINGS PROGRAM ADVISOR PLAN

Jul 06, 2011

After completing the extensive request for proposal process, negotiations will now begin on the details of the seven year agreement.

New York, N.Y., July 6,  2011 – J.P. Morgan Asset Management today announced that it has been selected as the investment manager and distributor for New York’s 529 College Savings Program Advisor Plan. After completing the extensive request for proposal (RFP) process, negotiations will now begin on the details of the seven year agreement. 

“We are thrilled that the state of New York has selected J.P. Morgan for this important assignment, and believe that our relationships with the advisor community, our expertise and broad range of investment products, and our presence in and commitment to New York makes us uniquely positioned to help New Yorkers save for their children’s college education,” said George Gatch, CEO of J.P. Morgan Investment Management Americas. “We believe that the Advisor Plan offers individuals a disciplined way to integrate savings for college into a comprehensive financial plan, and are pleased to join Upromise and Vanguard in serving the college savings needs of New York State residents.” 

J.P. Morgan’s Advisor Plan line-up will give advisors maximum flexibility to help clients tailor investments to their individual needs. The options include actively managed age-based options and asset allocation and single-fund portfolios that leverage both active J.P. Morgan mutual funds and third party Index and Exchange Traded Funds.

J.P. Morgan’s extensive distribution network will allow New Yorkers to access the Advisor Plan through multiple touchpoints, including the over 128,000 financial advisors the firm has existing distribution relationships with, or any one of Chase’s 1,000 convenient branches throughout the state of New York. 

About J.P. Morgan Asset Management

J.P. Morgan Asset Management is headquartered in New York and has assets under supervision of approximately $1.9 trillion and assets under management of $1.3 trillion (as of March 31, 2010). J.P. Morgan Asset Management’s clients include institutions, retail investors and high-net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. JPMorgan Chase & Co. (NYSE: JPM), the parent company of J.P. Morgan Asset Management, is a leading global asset management firm with assets of approximately $2.1 trillion and operations in more than 60 countries. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

About New York’s 529 College Savings Program

New York's 529 College Savings Program Advisor Plan currently has more than $1.9 billion and more than 125,000 accounts. A New York State taxpayer who is also the account owner may be eligible for a deduction from New York State taxable income of up to $5,000 (or $10,000 for married couples filing jointly).*  It also provides a number of benefits for families saving for college, including tax-free withdrawals when used for qualified higher-education expenses.**

*Contributions to New York’s 529 College Savings Program (the Program) in a tax year are deductible from New York state income tax, subject to recapture in subsequent years in which a rollover out to another state's 529 plan is made or a withdrawal from an account is subsequently redeposited by the account owner into a Program account.

**Earnings on non-qualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. Tax and other benefits are contingent on meeting other requirements and certain withdrawals are subject to federal, state, and local taxes.

Opinions and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

Copyright © 2011 JPMorgan Chase & Co. All rights reserved.

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