Florida Prepaid College Board, Tallahassee, hired Northern Trust Investments and Standish Mellon Asset Management, and rehired Columbia Management Investment Advisers to manage $1.73 billion each in a liability-driven fixed-income strategy, according to Susan James, FPCB director of external affairs.
On July 1, the managers will join Neuberger Berman, which also was hired to run $1.73 billion in the same strategy (P&I Daily, June 11). Together, the managers will handle 25% each of the $8.7 billion plan’s $6.9 billion in fixed income.
BlackRock Financial Management, which will be dropped, and Columbia currently manage the fixed-income strategy. Both their contracts expire June 30.
The hirings are the result of an invitation to negotiate issued by the board. Callan Associates, the board’s consultant, assisted in the search, Ms. James said.
Further information was not available from Ms. James.