Florida State Treasury, Tallahassee, added $62.5 million to an active core fixed-income portfolio run by Sawgrass Asset Management, increasing it to about $122 million. Staff of the $20.5 billion treasury, which invests state operating funds, funded the additional investment through a general rebalancing, said Ken Gerzina, financial administrator of external investments. The treasury does not use an external consultant.
Also, Legg Mason resigned from managing a roughly $105 million active domestic core fixed-income portfolio for the treasury. Staff gave Legg Mason the opportunity to resign before the manager could have been terminated for performance, Mr. Gerzina said. The treasury moved the money among its other external fixed-income managers, which run a total of just less than $10 billion. Jeffrey Bukowski, Legg Mason spokesman, could not comment on the matter by press time.