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Salomon Smith Barney and SSB Citi Asset Management Group are taking the opportunity to set a precedent in college savings programs by offering Scholars Choice, a new Colorado college savings plan.
SSB beat out six other finalist investment firms for the honor of beginning the program in Colorado. Richard Chavez, vice president and information systems officer for Colorado Student Obligation Bond Authority, the nonprofit organization overseeing Colorado's college plans, said that 24 requests for proposals were sent out. Cynthia Gleason, with KostkaGleason Communications Inc., added that heavy hitters such as Merrill Lynch and First Trust bid the project.
Chavez said the decision was based on the "best overall package for Colorado residents."
The package included record keeping, investment performance, marketing and the greatest commitment of resources by one Cum.
Jerry Reiff, first vice president of investments and...