Florida State Board of Administration, Tallahassee, might consider hiring more managers to run short-term funds now managed in-house, said Robert Milligan, interim executive director. A decision wont be made until the board chooses a permanent replacement for Coleman Stipanovich, former executive director, which could happen in June, said Mr. Milligan. He declined to discuss particular strategies or funding amounts for external managers.
The board, which oversees $187.5 billion in assets, finalized contract terms with Federated Investors to manage its $8.7 billion Local Government Investment Pool A and $1.5 billion Pool B, Mr. Milligan said. Federated will take over from interim manager BlackRock on March 1.