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IN CASE YOU MISSED IT: Jewish News Syndicate: ‘We’re cutting them loose,’ chief Florida financial officer says of Morningstar

For Immediate Release: Monday, April 8, 2024
Contact: Office of Communications,, 850.413.2842


Jewish News Syndicate: ‘We’re cutting them loose,’ chief Florida financial officer says of Morningstar

“Jewish News Syndicate: ‘We’re cutting them loose,’ chief Florida financial officer says of Morningstar”

Mike Wagenheim

April 8, 2024

Read more HERE.

Florida intends to cut its ties with Morningstar until the investment firm can prove it has rooted out anti-Israel bias in its investment ratings platforms, the state’s chief financial officer told JNS on Thursday.

“We’re not renewing our services with Morningstar. We’re cutting them loose,” Jimmy Patronis, who manages some $60 billion in Florida funds, told JNS exclusively. “There are other ways we can do this and we don’t need Morningstar helping manage our ratings here in the state’s treasury.”

Morningstar has provided ratings for Florida’s deferred compensation program for state employees at least since 2016. The contract is in the low five figures annually and will end this August, according to the Florida chief financial officer’s office.

Patronis, Florida Gov. Ron DeSantis and the state’s attorney general Ashley Moody form the board of trustees of Florida’s State Board of Administration, which manages some $200 billion in retirement funds and which put Morningstar on its list of scrutinized companies that boycott Israel.

DeSantis said last week that Morningstar will be removed from the “scrutinized” list if it follows through on recommendations to remove references to companies operating in Judea and Samaria working in “occupied territories” and to prove it is in compliance with Florida’s law prohibiting boycotts of Israel.

The State Board of Administration’s listing of Morningstar wasn’t “really strong enough,” according to Patronis, who makes the state treasury’s final decisions.

“I think Morningstar did make it clear that they’re going to make some efforts,” he told JNS. “But I really want to see solid evidence.”

Patronis told JNS that the way to get people’s attention is through their pocketbooks. “This is exactly what we intend to do through my jurisdiction,” he said.

Hopefully, Morningstar will be motivated “to get their act together,” he said. “Right now, my treasury is going to terminate relationships with them.”

Patronis noted that Florida’s treasury and its State Board of Administration have $250 million invested in Israel Bonds.

“I put my money where my mouth is,” he said. “I don’t know if there’s another state treasurer that has as much money invested in Israel Bonds than the state of Florida does.”

He stressed Florida’s relationships with Israel, especially in the wake of global diplomatic strains during Israel’s war against Hamas. “I think it is that much more important that Florida double down,” he said.


About CFO Jimmy Patronis

Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and X (@FLDFS).