Florida Prepaid College Board, Tallahassee, is searching for up to two active international equity managers to run $250 million to $550 million for the $13.6 billion Stanley G. Tate Florida Prepaid College Program.
The board is seeking up to two managers that can achieve excess returns over the MSCI All Country World ex-U.S. index, according to an invitation to negotiate posted on the board's website.
Currently, PanAgora Asset Management manages a passive portfolio for the program. According to the ITN, the board is changing the benchmark from the MSCI EAFE index and plans to change its investment guidelines to allow for active management. Whether PanAgora is invited to rebid could not be immediately learned.
The ITN is available on the board's website. Proposals are due at noon EDT on March 15. A selection is expected sometime in May.
Jason Guido, senior financial analyst, could not be immediately reached for further information.