Florida State Board of Administration, Tallahassee, hired Barclays Capital for futures and over-the-counter derivatives clearing services, pending contract negotiations, according to John Kuczwanski, FSBA communications manager.
UBS was the futures clearing broker. The OTC derivatives clearing is a new service for the FSBA, which oversees a total of $154.7 billion in assets.
The services are for equity and fixed-income investments managed by internal and external managers of the $126.3 billion Florida Retirement System defined benefit fund, which the FSBA oversees.
The hiring was the result of an RFP issued last September. Florida SBA policy requires contracts to be reviewed or rebid every five years. No consultant was used.