"EdVest" Gets New Financial Institution

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Wells Fargo is taking over Wisconsin's college savings program once the company's acquisition of Strong Financial of Menomonee Falls is finalized.

The Wisconsin Department of Administration said Thursday Wells Fargo will manage the program through May, 2006. Wells Fargo is acquiring the assets of Strong Financial after allegations of impropriety by both the company and its founder, Richard Strong.

Strong had signed an exclusive contract in 2001 to administer EdVest.

Among other things, EdVest allows state residents to begin funding their children's college education at reduced tax liabilities.