Searches and Hires

Florida Prepaid College Board launches search for equity manager for state’s two 529 plans

Florida Prepaid College Board, Tallahassee, is searching for an active domestic large-cap equity manager to manage a total of about $236 million for the state's two 529 plans, according to an invitation to negotiate posted on the state's procurement website.

The board issued an ITN for a manager to run about $175 million for the $11.4 billion Stanley G. Tate Florida Prepaid College Program, and about $61 million for the $528 million Florida 529 Savings Plan. According to the board's website, the current large-cap growth equity manager is Silvant Capital Management. Whether the firm is eligible to rebid could not be immediately learned.

The ITN is available on the state's procurement website. Proposals are due at noon EDT on Sept. 22. A decision is expected in December.

Investment consultant Callan Associates is assisting.

Casey Fisher, manager, Florida Prepaid College Foundation, could not be immediately reached to provide further information.