Florida Prepaid College Board, Tallahassee, is searching for a passive domestic large-cap equity manager to run $300 million and an active fixed-income manager to run $101 million, confirmed Susan James, director of external affairs for the Florida Prepaid College Trust Fund.
The equity manager would manage $225 million for the $9.55 billion Prepaid Plan and $75 million for the $240 million Investment Plan. The assets of the two plans must be managed in separate accounts, according to the invitation to negotiate. The manager's performance will be benchmarked to the S&P 500. Incumbent Northern Trust Global Investments is invited to rebid.
The fixed-income manager will run assets for the Investment Plan, which, unlike the Prepaid Plan, does not guarantee to pay all or any part of the costs of a post-secondary education. The manager's performance is expected to exceed the Barclays Capital Aggregate Bond index. Incumbent Columbia Management Investment Advisers is invited to rebid.
Callan Associates is assisting. The board intends to hire one manager for each mandate.
Proposals are due March 30 for the equity search and April 13 for the fixed-income mandate. Hiring decisions are expected by the end of June.