Florida Selects Federated Investors to Manage Local Govt Inv Pool. CNNMoney reports that Federated Investors has won one of the largest money fund mandates in history, the management of Florida's $9 billion State Board of Administration's LGIP, or local government investment pool. Federated was the lowest bidder, beating out temporary pool manager BlackRock and BNY Mellon. The Florida pool halted redemptions in late November (see Crane Data 11/29 News) after a run on assets and several downgrades and defaults the non-rated pool's securities. The fund was frozen, then split into two pools by BlackRock, who was brought in to stabilize it. Florida says, "Governor Charlie Crist, CFO Alex Sink and AG Bill McCollum today, acting as Trustees for the State Board of Administration (SBA), confirmed Interim Executive Director Bob Milligan's recommendation to hire Federated Investors Inc. to manage the Local Government Investment Pool." The Governor added, "Federated Investors' tremendous experience and 53 years of past performance in investment management makes this firm an excellent choice to manage Florida's local government investment pool. Its outstanding record, along with its high quality customer service, will be a benefit to Florida's local leaders seeking a conservatively-managed investment fund." Spokeswoman Meghan McAndrew tells us, "Federated's extremely pleased that Florida selected us to manage its LGIP." The Florida pool, which has since stablized its asset base, is now AAA-rated by S&P. No other local government investment pools, almost all of which carry AAA ratings, have experienced similar problems.

Email This Article




Use a comma or a semicolon to separate

captcha image

Money Market News Archive

2024 2023 2022
March December December
February November November
January October October
September September
August August
July July
June June
May May
April April
March March
February February
January January
2021 2020 2019
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2018 2017 2016
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2015 2014 2013
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2012 2011 2010
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2009 2008 2007
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2006
December
November
October
September