BoA to take over state's NextGen fund
The investment firm that manages Maine's $5.3 billion college investment fund will soon be purchased by Bank of America, but a state official says the change is unlikely to affect investors.
Bank of America is expected to close its purchase of Merrill Lynch, which manages Maine's NextGen College Investing Plan, early next year, according to the Kennebec Journal. The 529 plan allows families to save money tax-free for a child's college education. NextGen has 200,000 accounts, 9,336 of which are held by Maine residents.
Merrill Lynch announced Sunday it would sell to Bank of America at the start of a rocky week on Wall Street. Beth Bordowitz, acting CEO of the Finance Authority of Maine, said FAME will work to make sure the transition has little impact on account holders, though State Treasurer David Lemoine cautioned it's too early to tell how the sale's details will play out, the paper reported.
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