Florida Prepaid College Board, Tallahassee, hired Lazard Asset Management as active international equity manager for the $13.6 billion Stanley G. Tate Florida Prepaid College Program, said Jeanni Hawkins, senior business and operations analyst, in an email.
The board issued an invitation to negotiate in February due to the expiration of passive international equity manager PanAgora Asset Management's contract, Senior Business Operations Analyst Alexandra Crenshaw said at the time. 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.
PanAgora did rebid for the services, Ms. Hawkins said.
The size of the portfolio was not disclosed, but the ITN said the selected manager would run $250 million to $550 million.