SBA Secures Blackrock To Give Independent Financial Review Of Local Government Investment Pool

The Florida State Board of Administration released the following information regarding the securing of an independent asset manager in the wake of this week’s freezing by the State of $15 billion worth of investment fund assets used by local governments.

The move came after cities and counties and school districts across the state withdrew $10 billion from the investment fund during the last two weeks.

Should you have any questions or comments, please do not hesitate to contact this office.

 

Leading Independent Asset Manager to Recommend Action to SBA next Tuesday

TALLAHASSEE –State Board of Administration (“SBA”) Executive Director Coleman Stipanovich today secured the services of BlackRock, a world-renowned asset manager, to provide an independent financial review of the Local Government Investment Pool (“LGIP”).  BlackRock will work through the weekend with SBA staff and recommend a strategic course of action for consideration at the Tuesday, December 4, 2007, meeting of the SBA.

“We are very pleased to have quickly found such a widely-respected asset manager,” said Stipanovich.  “BlackRock’s team of experts will be able to quickly analyze the LGIP and provide solid recommendations and a work-out plan for our investors.”

About BlackRock

BlackRock is one of the world’s largest publicly traded investment management firms. As of September 30, 2007, AUM was $1.3 trillion. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investment products. In addition, a growing number of institutional investors use BlackRock Solutions investment system, risk management and financial advisory services. Headquartered in New York City, as of September 30, 2007, the firm has approximately 5,100 employees in 19 countries and a major presence in key global markets, including the U.S., Europe, Asia, Australia and the Middle East. For additional information, please visit the Company’s Web site at www.blackrock.com.