The Florida State Department of Insurance/Treasury Division, Tallahassee, selected two intermediate-term fixed-income managers and plans to hire two more in the first quarter, said Bruce Gillander, chief of the bureau of banking. The $8.5 billion state operating and special purpose fund hired Eaton Vance Management and Fischer, Francis, Trees & Watts for $200 million each. Assets came from new money, Mr. Gillander said. Chase Manhattan assisted.
In February, two new firms should be in place to manage an intermediate-term bond index portfolio and a two-year bridge bond portfolio. Mr. Gillander declined to name the firms being considered. Funding will come from assets that are now managed in-house.