Robert Milligan today was named interim executive director of the Florida State Board of Administration, Tallahassee. He succeeds Coleman Stipanovich, who resigned Dec. 4 following losses in an investment pool internally managed by the $187.5 billion state board.
Mr. Milligan, a former Florida state comptroller and SBA trustee, is insurance ombudsman for consumers in the state Department of Financial Services, which is headed by Chief Financial Officer Alex Sink, also an SBA trustee.
Trustees appointed Mr. Milligan at a meeting this afternoon. They also announced they will conduct a national search for a permanent replacement. His appointment is effective Wednesday.
They also directed Mr. Milligan to issue an RFP for investment management firms to manage the Local Government Investment Pool. At the close of its business today, it had about $10.17 billion in its high-quality investment fund and $2 billion in face value of investments in default or under financial distress. BlackRock was hired last week as interim manager of the pool for 90 days in expectation that the search process will be completed by then.
No further details about the executive director search or RFP were announced at the meeting.
You really present a stabilizing element to this fund, Gov. Charlie Crist, an SBA trustee, told Mr. Milligan at the meeting.