Rich Janosik, finance officer for EdVest, a part of the Wisconsin Treasurer’s office which oversees college savings programs, said the state College Savings Program Board decided Monday to look into offering clients alternative investment firms to manage their accounts.

Marquette does not, however, plan to make any movements away from Strong Financial, according to Ben Tracy, director of university communication.

“Part of Marquette’s endowment money is invested in Strong’s funds,” he said. Tracy said Marquette has no plans to pull that money out of Strong Financial.

The endowment is “similar to a giant savings account for the university that allows Marquette to provide things like endowed scholarships, endowed financial aid and things that will ensure the success of Marquette in the future,” Tracy said.

University President the Rev. Robert A. Wild described Strong’s situation as “tough,” but said any speculation into the matter is “gratuitous” because charges have not been issued yet.

“He’s been a good friend of the university and the athletics department and a personal friend,” Wild said.

Janosik said the College Savings Program Board hired an attorney to investigate the Strong Financial investigations. Doug Hagerman will investigate the findings of the Wisconsin Department of Financial Institutions, the Securities and Exchange Commission, New York Attorney General Eliot Spitzer and Strong Financial’s internal investigation, Janosik said.

“The objective is to figure out if there are any consequences for participants in EdVest and to make sure Strong (Financial) reimburses” clients in the case of harm, Hagerman said. “Secondly, we want to make sure Strong (Financial) cleans up its act … so people can have confidence in the program and invest in the program.”

Hagerman and Janosik said EdVest clients might not have lost money because of Strong’s alleged improper trades.

“It appears as if these actions happened before Strong started handling the EdVest program,” Hagerman said.

“All of the things that have come to light so far are still allegations,” Janosik said. “They’re not even charges yet.” He said there is no indication that alleged improper trading by Strong has adversely affected EdVest clients.

Spitzer’s office would not confirm or deny when Strong’s alleged improper trading took place.

However, according to both Hagerman and Janosik, investors are filing suit against Strong Financial.

Janosek said he knows of “one lawsuit of investors against Strong (Financial) named EdVest as an interested and necessary party to the lawsuit.”

Hagerman said in that case, EdVest was not a plaintiff, but the suit was filed on behalf of all EdVest investors seeking to recover any funds possibly lost to improper trades.

Janosik said both the program with Strong Financial as the sole manager and the other program, a collaboration between Strong Financial and American Express, have been in operation since 2001. An earlier college savings program, begun in 1997, was run entirely by the state and had a maximum of 3,000 clients, he said.

Based on the close of the fiscal quarter in September, EdVest had 163,749 clients, Janosik said. Many of the clients are parents who open the accounts for young children.