​ BlackRock Named Interim Manager of Soon-​to-​be-​Split Florida Govt Pool. In a decision and solution worthy of King Solomon, the Florida State Board of Administration'​s governing board voted to split its troubled Local Government Investment Pool into two, separating a 14% slice of SIVs, defaulted and troubled investments from an 86% high quality money market slice. BlackRock, which proposed the plan yesterday, has been named interim manager of the pools, and the board will be seeking RFPs for an investment manager to take over the permanent management of the pools going forward. Participants should be allowed to redeem a portion of their investments starting Thursday, with restrictions gradually being lifted. Other states and localities appear to be taking proactive approaches in backing their investment pools, not wanting to share the same fate as Florida, and Florida'​s problems and holdings appear in a league of their own. But money market funds and fund advisors will be the likely winners from this turmoil, as local investors seek a managers with a higher level of expertise and commitment (​and deeper pockets).

Your Name:
Your Email:
Recipient Email(s):

Use a comma or a semicolon to separate

Please retype symbols from the image:

Optional Message

Money Market News Archive