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2022 Newsletters

The SBA Must Transition Away from BlackRock

Sep 20, 2023, 09:38 by Chip Beal
This week, I sent a letter to the State Board of Administration (SBA), recommending that they transition away from BlackRock as one of the state's asset management firms. We are encouraging this after the Florida's Treasury's divesting from BlackRock who was managing a wide range of assets totaling around $2 billion. We expect this transition to other asset managers will be completed by the end of the year. This decision was made because we are facing challenging economic times and need asset managers who are focused on the bottom line.

On Tuesday, I issued a statement on the call for a special session on insurance reform and hurricane recovery. This is welcomed news, and a great demonstration of the strong leadership we are seeing from the Governor, President of the Senate and Speaker of the House. This is a great opportunity to address the issue of litigation reform in the property and casualty market, as well as cracking down on fraud, in the wake of Hurricane Ian. 

Lastly, this week I was blessed to be able to join members of the St. Andrew Baptist Church Center of Hope in my hometown of Panama City to drop off canned goods and take a tour of the facility. The Christmas season is a perfect time to be with friends and family, but it is also a great opportunity to help those who are in less fortunate situations. This center represents this perfectly, as it works purely off of volunteer service, sponsoring an excellent food drive that gives back to the community in such a meaningful way. I encourage all Floridians to find a way to give back to their own community this holiday season.   


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Jimmy Patronis
Chief Financial Officer
State of Florida

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