Florida Workers’ Compensation Joint Underwriting Association Investment Committee Selects New Investment Manager
May 25, 2012
Among other actions, the Florida Workers’ Compensation Joint Underwriting Association (“FWCJUA”) Investment Committee (“Committee”) recommended the approval of a new FWCJUA investment portfolio manager at its meeting yesterday, May 24, 2012.
Following the approval of its April 13, 2012 meeting minutes, the Committee unanimously agreed to recommend that the FWCJUA Board of Governors hire Prime Advisors as the FWCJUA’s investment manager no later than July 1, 2012, subject to reference verification. The Committee’s decision followed a Request for Proposal (“RFP”) process for Non-Discretionary Investment Management Services, from which three of 13 total RFP respondents were selected to make a presentation at yesterday’s meeting. The FWCJUA ended its relationship with Cutwater, its previous investment manager, due to issues with that company’s ability to deliver certain services.
The Committee also tentatively set its 2012/2013 meeting schedule as follows:
- August 9, 2012: 10:00 a.m. to 11:00 a.m., quarterly teleconference meeting
- November 8, 2012: 10:00 a.m. to 11:00 a.m., quarterly teleconference meeting
- February 7, 2013: 10:00 a.m. to 11:00 a.m., quarterly teleconference meeting
- May 9, 2012: 10:00 a.m. to 11:30 a.m., quarterly teleconference meeting (annual review)
In other business, the Committee unanimously agreed to continue holding the Hewlett Packard, Citigroup, Inc., BellSouth Corp. and Amgen bonds within the FWCJUA’s portfolio as authorized investment policy exceptions.
With no other business before the Committee, the meeting was adjourned.
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