Michael Fogliano joined the Florida State Board of Administration, Tallahassee, as senior portfolio manager for its externally managed real estate portfolio, the FSBA announced Friday.
Mr. Fogliano will oversee the $4.84 billion of externally managed real estate in the board's total $12.35 billion real estate allocation.
The FSBA oversees $184.7 billion in total assets, including the $150.7 billion of the Florida Retirement System defined benefit plan.
Mr. Fogliano replaces Jeff Smith, who was moved to a new portfolio management position and title of portfolio manager, still in externally managed real estate. The moves are the result of an increase in the real estate allocation to 10% from 7% and a more global emphasis.
Mr. Fogliano will report to Stephen Spook, senior investment officer, real estate.
At FSBA, Mr. Fogliano will oversee asset management and portfolio management of new and existing investments and a 12-member staff of portfolio managers and analysts, as well as any external real estate consultants.
Mr. Fogliano was head of underwriting for Aegon USA Realty Advisors' real estate private equity group. He left Aegon in the spring. Gregory Tucker, senior vice president, head of Americas corporate communications, was unable to respond by press time concerning a replacement at Aegon.