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Investment changes planned after college fund loss
Sunday, December 21, 2008 | No comments posted.
PORTLAND (AP) — Investment changes are expected in the Oregon college savings plan after the company that manages the bulk of the plan was hit by complaints over heavy losses in a supposedly conservative fund.
Jerry Webman is director of fixed income for OppenheimerFunds Inc. He says he took over the portfolio from a manager who resigned last week after the fund plummeted.
The Oppenheimer Core Bond Fund has lost 38 percent of its value this year. As a result, parents, grandparents and others have seen their college savings plunge.
More than 70,000 investors save money in the state college plan on behalf of 100,000 children and students.
State officials and investment experts advised parents who have young children to stick with the plan because over time, the stock and bond markets will recover.
Jerry Webman is director of fixed income for OppenheimerFunds Inc. He says he took over the portfolio from a manager who resigned last week after the fund plummeted.
The Oppenheimer Core Bond Fund has lost 38 percent of its value this year. As a result, parents, grandparents and others have seen their college savings plunge.
More than 70,000 investors save money in the state college plan on behalf of 100,000 children and students.
State officials and investment experts advised parents who have young children to stick with the plan because over time, the stock and bond markets will recover.
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