NEW YORK - Alliance Capital will manage a college savings plan for Rhode Island residents and parents elsewhere planning to send their children to school in the state.

The company is the first authorized by the state's Investment Commission and Higher Education Assistance Authority to run such a plan. Their agreement was announced Wednesday.

The CollegeBoundFund, a section 529 college savings program, is a first for Alliance as well. Taxes on the earnings of a CollegeBoundFund account are deferred until withdrawn.

Alliance is a global investment management firm with $388 billion of assets under management.

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