Florida State Board of Administration, Tallahassee, reached a "resignation agreement" with W.R. Huff Asset Management for the $340 million high-yield bond portfolio the firm runs for the $109 billion pension fund, said FSBA spokesman Michael P. McCauley. FSBA will search for a replacement, assisted by investment consultant Callan Associates. No RFP will be issued. Fund officials could hire a new manager, distribute the money to existing managers, or a combination.
Mr. McCauley declined to comment on the reasons for Huff's resignation. Last June, FSBA put W.R. Huff on watch because of consulting fees the firm had earned for restructurings of NTL Inc. and Telewest Global Inc., two distressed companies in its high-yield portfolios. Executives at Huff weren't immediately available for comment.
