The State Board of Administration and the pool's outside money manager decided it needed a new name to reflect the breadth of changes made since a run on the pool two years ago.

Board spokesman Dennis MacKee said Monday Florida PRIME was chosen to indicate the pool offers top-quality credit.

Local governments withdrew more than $15 billion in 2007 after its mortgage-backed investments were downgraded."/>
The State Board of Administration and the pool's outside money manager decided it needed a new name to reflect the breadth of changes made since a run on the pool two years ago.

Board spokesman Dennis MacKee said Monday Florida PRIME was chosen to indicate the pool offers top-quality credit.

Local governments withdrew more than $15 billion in 2007 after its mortgage-backed investments were downgraded."/>
The State Board of Administration and the pool's outside money manager decided it needed a new name to reflect the breadth of changes made since a run on the pool two years ago.

Board spokesman Dennis MacKee said Monday Florida PRIME was chosen to indicate the pool offers top-quality credit.

Local governments withdrew more than $15 billion in 2007 after its mortgage-backed investments were downgraded." />
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Local investment pool now ‘Florida PRIME’

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TALLAHASSEE (AP) – The state’s revamped, $6 billion local government investment pool has been renamed “Florida PRIME” to help put past troubles behind it.

The State Board of Administration and the pool’s outside money manager decided it needed a new name to reflect the breadth of changes made since a run on the pool two years ago.

Board spokesman Dennis MacKee said Monday Florida PRIME was chosen to indicate the pool offers top-quality credit.

Local governments withdrew more than $15 billion in 2007 after its mortgage-backed investments were downgraded.

Since then, the board has replaced its top manager, hired Federated Investors as its external money manager and adopted more conservative investment policies.