Florida Prepaid College Board selects domestic smidcap manager for 2 funds

Florida Prepaid College Board, Tallahassee, hired AllianceBernstein (AB) as an active domestic smidcap equity manager to run about $180 million for the $15.6 billion Stanley G. Tate Florida Prepaid College Program and about $32 million for the $571 million Florida 529 Savings Plan, said Bert Wilkerson, director of finance, accounting and risk management.

The board issued an invitation to negotiate in July for either an active midcap or smidcap manager. Incumbent manager Boston Co. Asset Management, which runs an active domestic midcap equity strategy for the plans, did rebid.

Other finalists were Fiduciary Management Associates, Great Lakes Advisors and Quantitative Management Associates. Fiduciary Management Associates currently runs active domestic small-cap equity portfolios of about $180 million for the prepaid college program and $32 million for the 529 savings plan.