Florida State Board of Administration terminated four core-plus fixed-income managers that ran a combined $9.4 billion, and moved the assets to internal passive management.
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 money was moved to an internally managed Barclays Capital Aggregate index fund, raising its total to $16.27 billion.
The change is part of a plan adopted last yearto move more assets into internal passive management to lower costs and risk, a spokesman said.
The board, which oversees $154.7 billion, no longer has any core-plus fixed-income investments.