ORLANDO, Fla., Oct. 29 /PRNewswire/ -- PFM Asset Management LLC (PFMAM) announced today that it has been selected to serve as investment advisor to the Florida Education Investment Trust Fund (FEITF), an investment vehicle created by The Florida School Boards Association, Inc. and the Florida Association of District School Superintendents, Inc. to serve the investment needs of the State's educational institutions. FEITF's investment objective is to provide participants with the highest possible investment yield, while maintaining liquidity and preserving capital.
"We are extremely gratified to have been chosen as Investment Advisor for FEITF," said Steven Alexander, PFMAM Managing Director and head of the firm's Florida practice. "This is a very meaningful undertaking by Florida's educational administrators on behalf of the State's taxpayers. PFMAM was competitively chosen from a field of some fifteen firms, and we are pleased that the Florida School Boards Association and the Association of School District Superintendents have demonstrated their confidence in PFMAM in such a definitive manner."
Mr. Alexander noted that municipal entities are increasingly concerned with quality, risk management, and independence. "FEITF just opened to investors last week, and already has brought in more than $33 million in invested funds," he noted. "The success of this fund can potentially relieve some of the property tax burden facing Florida homeowners, and we are enthusiastic about being a part of this important effort."
FEITF's Board of Trustees is comprised entirely of school board members. The investment advisory board is composed of school district chief financial officers to assure transparency, to oversee the actions of all service providers, professional advisers and consultants to the Fund, and to decide on general policies.
FEITF is organized to comply with the specific requirements of Florida law, particularly the laws applicable to the investment of participants' funds, including those which govern the investment of public funds by school boards (Section 218.415 of the Florida Statutes) and the Florida Interlocal Cooperation Act of 1969, as amended (Section 163.01 of the Florida Statutes). It has received an 'AAAm' rating from Standard & Poor's.
PFM Asset Management, part of the PFM Group of Companies, is a registered investment adviser under the Investment Advisers Act of 1940, and is responsible for managing FEITF's assets in accordance with the Fund's investment objectives. In addition, PFM Fund Distributors, Inc., a wholly-owned subsidiary of PFMAM, is the Fund's distributor and is a member of the Financial Industry Regulatory Authority and the Municipal Securities Rulemaking Board. At September 30, 2010, PFM Asset Management had $36.5 billion in assets under management for state and local governments and non-profit institutions, and provided non-discretionary advice for an additional $2.3 billion in fixed income securities.
SOURCE PFM Asset Management LLC