T. Rowe Price forges 529 partnership with Ascensus

investmentnews.com:

T. Rowe Price, the investment management and retirement industry giant, has announced a new partnership with Ascensus, aimed at improving the 529 education savings experience for account holders.

The collaboration, unveiled on 529 day, will see T. Rowe Price maintain its role as the investment and program manager for its four state-sponsored 529 plans, while Ascensus will take over recordkeeping and account servicing responsibilities.

“Ascensus’ long track record of success and scale in 529 administration and customer service made them the clear choice to serve our 529 clients,” Phil Korenman, head of the individual investors division at T. Rowe Price, said in a statement. “This partnership complements and expands our servicing capabilities and it will deliver an enhanced experience for account owners.”

Ascensus, known for its advanced servicing technology, is the largest recordkeeper and third-party administrator of state-sponsored education savings programs in the US, overseeing 6.5 million 529 plan savers and more than $200 billion in assets under administration.

The TPA and recordkeeper also made headlines last month when it revealed it will acquire three small-business focused lines of retirement plans from Vanguard, which it said would boost its administration business to include nearly 280,000 retirement plans.

The company’s expertise is expected to bring significant benefits to T. Rowe Price’s 529 plan holders, including an upgraded online platform and improved mobile experience.

“T. Rowe Price is one of the most respected investment management firms in the world and a highly successful program manager for 529 plans,” said Peg Creonte, president of Ascensus Government Savings. “It’s a great fit for our