Florida Prepaid assigns 529 plan money to 2 firms

Florida Prepaid College Board, Tallahassee, hired AllianceBernstein (AB) to run $177 million in passive domestic large-cap core equities and Columbia Management to run $118 million in active domestic core fixed income, confirmed Susan James, director of external affairs.

AllianceBernstein will run $133 million for the $9.4 billion Stanley G. Tate Florida Prepaid College Program and $44 million for the $265 million Florida College Investment Plan, both 529 plans. Columbia Management will run the $118 million for the investment plan.

An invitation to negotiate was issued in March.

Investment consultant Callan Associates assisted.