Florida State Board of Administration, Tallahassee, is looking for a financial adviser for the Florida Hurricane Catastrophe Fund, whose $11.7 billion in assets the FSBA oversees.
Raymond James is the incumbent and can rebid, John Kuczwanski, FSBA communications manager, said in an e-mail.
FSBA, which oversees a total of $149.7 billion, plans to issue an invitation to negotiate March 1 on its website under announcements, according to an FSBA statement. Responses are scheduled to be due March 23, and a decision is expected April 30.
FSBA is conducting the search as a routine five-year cycle for rebidding, Mr. Kuczwanski added in the e-mail. Raymond James was hired in 2007.
Services the FSBA is seeking could include evaluating other financing alternatives, investment, liquidity facilities, and risk management, according to the ITN issued in the 2007 search. The fund, designated to provide reimbursement to insurers for a portion of their hurricane losses, is invested in five fixed-income portfolios the FSBA manages internally, according to an FSBA report.
FSBA is conducting the search without the assistance of an investment consulting firm, Mr. Kuczwanski said in the e-mail.