Florida Prepaid College Board, Tallahassee, is searching for two managers to run about $2 billion each in liability-driven investment strategies for the $13.6 billion Stanley G. Tate Florida Prepaid College Program.
The board is seeking the managers for active domestic fixed-income strategies within the LDI portion of the program's overall portfolio, according to an invitation to negotiate posted on the state of Florida's procurement website.
The portfolios up for bid are managed by Neuberger Berman and Northern Trust Asset Management, and both are invited to rebid, said Jason Guido, senior financial analyst, in an email.
The investment strategy of the prepaid program is only to meet the actuarially determined liability projections, and LDI fixed-income strategies make up $9 billion of the program's total assets.
The ITN is available on the state's procurement website. Proposals are due at noon EST on Feb. 14. A selection will take place sometime in April.
Bert Wilkerson, director of finance, accounting and risk management, could not be immediately reached to provide further information.
