Updated with correction.
Florida State Board of Administration, Tallahassee, placed on watch Quantitative Management Associates, Stephens Investment Management Group and BMO Global Asset Management, which run a combined $2.4 billion.
The FSBA placed QMA on watch for organizational changes. QMA manages a total of $2.1 billion in four active U.S. large-cap value equity portfolios: $1.485 billion for the $150.4 billion Florida Retirement System pension fund; $322 million for the $8.9 billion FRS 401(a) plan; $267.8 million for the $10.8 billion Florida Prepaid College Plan; and $44.5 million for the $420 million Florida 529 Savings Plan.
Stephens Investment and BMO Global’s U.S. active small-cap growth equity strategies managed for the FRS defined benefit plan were both placed on watch for performance. Stephens managed $180 million and BMO, $157 million.
The FSBA oversees $184.1 billion in assets, including those of the two FRS plans as well as the QMA assets from the prepaid and 529 plans, said John Kuczwanski, communications manager. FSBA is the administrator and monitor of QMA for the prepaid and 529 plans, Mr. Kuczwanski said.
Mercer, FSBA investment consultant, recommended the watch monitoring.
Nini Krishnappa, BMO spokesman, was unable to comment by press time. Patrick White, Stephens Investment vice president and director of sales, marketing and client services, couldn’t be reached for comment by press time.