Florida is not foolin' around - divestment

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From the Florida Department of Financial Services:

CFO JIMMY PATRONIS: FLORIDA TREASURY DIVESTING FROM BLACKROCK
Today, Florida Chief Financial Officer (CFO) Jimmy Patronis announced that the Florida Treasury will begin divesting $2 billion worth of assets currently under management by BlackRock. The State Treasury will immediately have Florida’s custody bank freeze approximately $1.43 billion worth of long-term securities and remove them as the manager of approximately $600 million worth of short-term overnight investments. These taxpayer funds are invested by asset managers as part of Florida’s Treasury Investment Pool. By the beginning of 2023, the State Treasury will have divested from BlackRock’s management of all short and long-term investments and relocated investment responsibilities to other fund management entities.

CFO Jimmy Patronis said, “As Florida’s Chief Financial Officer, it’s my responsibility to get the best returns possible for taxpayers. The more effective we are in investing dollars to generate a return, the more effective we’ll be in funding priorities like schools, hospitals and roads. As major banking institutions and economists predict a recession in the coming year, and as the Fed increases interest rates to combat the inflation crisis, I need partners within the financial services industry who are as committed to the bottom line as we are – and I don’t trust BlackRock’s ability to deliver.

Much more at the site.  This is not a major hit to BlackRock financially - they are a huge entity.  But...  It is a shot across the bow and hopefully, other investors will follow.  It will be interesting to see where Florida puts its money...

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This page contains a single entry by DaveH published on December 1, 2022 3:26 PM.

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