The Florida State Board of Administration (FSBA) has selected nine active managers to run a total of seven small and large cap mandates for its new Public Employee Optional Retirement Program (PEORP), subject to approval from the fund's trustees.
The FSBA, which runs the $102bn (£72bn) Florida Retirement System, has selected Ark Asset Management to run a US small cap value mandate. Columbia Management, part of FleetBoston Financial, will run a US small cap growth brief, whilst the US small cap broad portfolio will be run by Batterymarch Financial Management, a subsidiary of Legg Mason.
The US large cap value broad core mandate will be run by Wellington Management Company and Institutional Capital Corporation (ICAP). The FSBA will hire Dresdner RCM and State Street Research & Management to jointly run a US large cap growth broad core brief.
The final two mandates have been awarded to Jacobs Levy and Barclays Global Investors (BGI). Jacobs Levy will run an enhanced US large cap growth mandate, while BGI will manage an enhanced US large cap value brief.
Next week the FSBA will put two additional mandates out to tender. Those mandates are for Treasury Inflation-Indexed Securities (TIIS or TIPS) and index funds. Searches for those two mandates will begin on June 11, and close June 18. The FSBA will receive trustee approval for manager choices on September 11.
By Geoffrey Ho
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