Florida State Board of Administration, Tallahassee, is searching for brokerage firms for futures and over-the-counter derivatives clearing services.
The board, which oversees $141.2 billion in assets, is seeking proposals through an invitation to negotiate available on its website, www.sbafla.com.
The board could hire more than one firm.
UBS, the board’s current futures clearing broker, can rebid, according to John Kuczwanski, the board’s communications manager. Board policy requires contracts to be reviewed or rebid every five years.
The board does not now use an OTC derivatives clearing broker.
The services would be for equity and fixed-income investments managed by internal and external managers of the $117.1 billion Florida Retirement System defined benefit fund, which the board oversees, Mr. Kuczwanski said. How much in assets the services would involve wasn’t available, he said.
No consultant is being used in the search. Proposals are due Oct. 25. The board is expected to make its selection on Nov. 29.