The Florida State Board of Administration, which overseas $95bn (€79.4bn) of pension assets, has joined the growing band of institutions seeking improved performance by tactically managing its asset allocation.

Northern Trust Global Investments, the asset management arm of the US bank, has been awarded a $5.4bn asset allocation mandate by the fund. The portfolio will be used to rebalance the overall assets of the Florida state fund, although it is not known how this will impact on existing managers.