Florida State Board of Administration, Tallahassee, placed a BlackRock-managed $2.46 billion core fixed-income portfolio on watch because of the departure of a key decision-maker, said John Kuczwanski, communications manager, in an e-mail.
Brian Weinstein, BlackRock managing director and head of the multisector institutional business within fixed income, is planning to leave the firm June 30 to spend time with his family and reassess his career objectives, it was announced in March.
Mr. Weinstein couldn’t be reached for an update of his status.
Mercer, FSBA’s investment consultant, recommended the action to place BlackRock on watch.
FSBA oversees $181.9 billion in assets.
Separately, FSBA received a $250 million distribution from Scout Capital Management, closing an investment in Scout Capital Partners II, a long/short equity hedge fund, initiated last year and funded with $200 million. Scout notified FSBA earlier this year it was shutting the firm. FSBA plans to use the proceeds for liquidity needs, Mr. Kuczwanski said.