Florida Department of Insurance and Treasury, Tallahassee, hired eight active domestic fixed-income managers, each to run $50 million, said Ken Gerzina, finance administrator. The $7.4 billion system hired core managers Sawgrass Asset; Banc One; Delaware Investments; Fixed Income Discount Advisory Co., Pacific Income Advisors, Strong Capital and Weiss Peck & Greer. Lebenthal Asset Management was hired to manage taxable municipal bonds.
Partial funding came from fixed-income managers Lincoln Capital, Eaton Vance and Utendahl, which ran a total of $800 million and were terminated for performance, said Mr. Gerzina. The remaining funds were given to existing managers Loomis Sayles, which received an additional $200 million; BlackRock, $100 million; and Western Asset Management, Smith Breeden, U.S. Bancorp and Independence Fixed Income, $25 million each.
Alexander Knowles, Lincoln spokesman, and Meg Pier, Eaton Vance spokeswoman, did not return calls seeking comment by press time. Officials at Utendahl could not be reached for comment.