The Florida State Board of Administration (FSBA) has appointed Stone Tower Capital to manage distressed fixed-income securities mandate worth about $1.4 billion, Pensions & Investments reports. The mandate will include a $739 million part from the Florida Retirement System’s $129.7 billion defined benefit plan, $550 million from the $7.3 billion Florida Prime local government short-term pooled fund and $115 million from other non-pension funds run by FSBA.
The $550 million part from the Florida Prime Fund B was managed by Federated Investment Counseling. FSBA internally managed the remaining distressed securities in the other funds. Wilshire Associates assisted in the search.
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