Florida State Board of Administration, Tallahassee, will conduct a search for a core international equity active manager to invest roughly 0.5% of the fund's $56.3 billion in assets, said Barbara Jarriel, acting executive director. No RFPs have been distributed yet, but the board expects the in-house search to be completed early next year. The search follows an asset allocation study that increased international equity to 8% of assets from 7.5%. The fund has decided to add a manager, rather than boost allocations to existing managers.
The fund also increased its U.S. equity target to 61% of assets from 56.5%. There could be a shifting of managers in order to make the changes complete, but Ms. Jarriel declined to name any of the firms that would be affected. She added the fund may add a high-yield bond allocation, but is far from beginning a search and would still need board approval.