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SBA Goes With Familiar Company for Review
The state Board of Administration, which oversees Florida's investments, chose BlackRock to help it figure out what to do about the run on its troubled state-run investment pool. BlackRock is hardly new to managing Floridians' money -- the firm receives major fees to both advise and invest Florida's prepaid college tuition fund.
The state on Friday hired the publicly-traded investment firm to come up with an independent financial review of the Local Government Investment Pool and will work through the weekend with SBA staff members, according the governor's office. The news release didn't say how much BlackRock will get paid for its services.
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