Florida State Board of Administration, Tallahassee, terminated four core-plus fixed-income managers that ran a combined $9.4 billion, and moved the assets to internal passive management, according to John Kuczwanski, FSBA communications manager.
Western Asset Management managed $2.68 billion; Goldman Sachs Asset Management, $2.48 billion; Hartford Investment Management, $2.17 billion; and Principal Global Advisors, $2.07 billion.
The board, which oversees a total $154.7 billion, no longer has any core-plus fixed-income investments.
The money was moved to an internally managed Barclays Capital Aggregate index fund, raising its total to $16.27 billion.
The “only reason these accounts were closed and the money moved was due to the asset allocation decision,” Mr. Kuczwanski wrote in an e-mail.
The change is part of the restructuring plan the board adopted last year to move more assets into internal passive management to lower costs and risk.