Florida 401(a) to drop INVESCO

The Florida Retirement System Investment Plan, Tallahassee, will drop the INVESCO Dynamics Fund from the $370 million 401(a) plan's investment lineup. The action was taken because of performance and is not related to market-timing accusations against INVESCO Funds Group by the SEC and New York Attorney General Eliot Spitzer, according to Dave McCauley, director of investment services for the Florida State Board of Administration. A search for a replacement fund will not be conducted; VALIC, one of the service providers, will move the $1.7 million in assets from the INVESCO fund to the successor fund, Mr. McCauley said. Bill Hensel, spokesman for INVESCO parent AMVESCAP, had no comment.