Florida State Board of Administration trustees voted to seek recommendations on potentially outsourcing smaller investment funds the board oversees to external oversight and management.
In all, the Tallahassee-based board oversees $133.7 billion in 36 investment funds, the largest of which is the $113 billion Florida Retirement System’s defined benefit fund.
Members of the FSBA’s investment advisory council expressed concerns about the ability to devote timely attention to smaller investment funds. Robert Konrad, IAC chair, didn’t specify which funds would be identified for outsourcing. Some funds are invested solely in FSBA investment pools.
The board directed Ashbel C. “Ash” Williams, FSBA executive director and chief investment officer, and the IAC to recommend which funds could be outsourced to private-sector firms and report in February or March for discussion.
