Florida State Board of Administration, Tallahassee, hired five managers to manage a total of $2.5 billion in active currency overlay strategies, FSBA’s first move into the area, said John Kuczwanski, communications manager, in an e-mail.
The managers are Cambridge Strategy (Asset Management), CIBC Asset Management, Harmonic Capital Partners, P/E Investments and Quaesta Capital. Each is assigned a $500 million notional allocation.
Mercer, an investment consultant for the FSBA, assisted.
The FSBA oversees $181.9 billion in assets.
Further details were not available.