​ Florida State Board Announces Finalists to Run Its "​Money Market Fund". The Florida State Board of Administration has announced the three investment manager finalists chosen to bid to run its beseiged money market fund-​like government investment pool. Federated Investors, BlackRock, and The Bank of New York Mellon have been chosen and will give oral presentations to see who will win the $​9.​88 billion mandate. Applicant needed 5 years of experience managing an S&&​P AAAm prime institutional fund with over $​10 billion in assets, so only a handful of respondents qualified. Following a run on assets triggered by SIV and mortgage-​related holdings, the Florida Board took the unprecedented step of halting redemptions in its local government investment pool (​LGIP) (​see our Nov. 29 article, "​State Board Halts Redemptions in Florida Local Govt Investment Pool"). BlackRock was brought in as temporary manager and split the formerly $​25 billion LGIP into two pools. The higher quality "​Pool A" fund has stabilized, obtaining a AAA rating from S&​P and staunching outflows. Pool B is being liquidated as debt comes due. The Florida pool had previously been the largest LGIP in the country.

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