Bello Named CIO of State Prepaid Tuition Program

Former Chicago Deputy Treasurer to oversee $1 billion portfolio

SPRINGFIELD, IL – Frank Bello has been appointed Chief Investment Officer of College Illinois!(SM) the state’s 529 prepaid college tuition plan, Andrew Davis, Executive Director of the Illinois Student Assistance Commission (ISAC) said today.

Bello, 48, comes to ISAC directly from the City of Chicago, where he served as Deputy City Treasurer, working with the leadership team and Trustees in the management and reporting of a $7 billion investment portfolio and four pension funds with assets totaling $14 billion. He was formerly Treasurer of the Chicago Park District and CFO of Independence Bank.

In his 20 years of finance experience, Bello has held various positions including Senior Financial Analyst, Senior Auditor, Controller, Chief Financial Officer and Treasurer in both the private and public sectors. A CPA, Bello holds an MBA from the Illinois Institute of Technology and BA in Accounting from the University of Illinois.

“Frank Bello has precisely the skills and experience ISAC needs as we move into a new phase,” Davis said.  “As we expand our prepaid tuition product to a much wider, economically-diverse audience, Frank’s finance background, investment savvy and leadership qualities are a huge asset.”

Administered by ISAC, College Illinois! is a secure college funding option because benefits do not fluctuate with the stock market. College Illinois! is a contract between the purchaser and State of Illinois that ensures tuition and fee benefits for college. When a beneficiary is ready to go to school, he or she can choose to attend college anywhere because benefits can be used not only at Illinois public universities and community colleges, but at public and private institutions nationwide as well.

Since the program’s 1998 inception, 62,000 College Illinois! prepaid tuition contracts with a value of more than $1.3 billion have been purchased by 29,000 families in every county in Illinois.

Davis noted that the position of College Illinois! CIO is a newly-created role. “The recent success of College Illinois! enrollment initiatives and its growing portfolio prompted our decision to enhance our in-house investment capacity,” Davis said. The investment program will be managed with the goal of improving overall returns while expanding into other asset classes to provide further diversification benefits, Davis added.

A resident of Chicago’s West Side, Bello volunteers with community and economic development programs such as the Chicago “Principal for a Day” initiative, “Working in the Schools” (WITS) which promotes reading proficiency among minority youths and Chicago Summer Business Institute which helps inner city teens gain exposure to a corporate environment.

“I am eager for this chance to play a role in making college affordable for Illinois students at this exciting time in ISAC’s history,” Bello said. “Next to buying a house, college tuition is the biggest financial investment a family makes. A College Illinois! prepaid tuition contract is a shrewd way to avoid tuition inflation."