State Street Corp.'s education savings unit, Schoolhouse Capital LLC, has struck partnerships with two investment management companies to create cobranded 529 college savings plans.

One product, cobranded by Schoolhouse Capital and New York Life, will be sold to investors through third-party broker-dealers, intermediaries, and New York Life's own distributor, starting in the fourth quarter.

Schoolhouse Capital has also formed a partnership with OppenheimerFunds Inc. That 529 product, to be sold through financial advisers, will be available by yearend. Schoolhouse Capital will be the plan's manager and administrator, and OppenheimerFunds its distributor.

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