Fla. Insurance Consumer Advocate Now to Head Investment Fund

Florida chose an interim director for the agency that invests local government money, hoping to restore confidence in a state fund that saw nearly half its assets withdrawn by investors panicking over mortgage-backed securities.

The trustees for The State Board of Administration unanimously chose Bob Milligan, a widely respected figure in state politics who served as Florida’s comptroller and held the job of insurance consumer advocate.

Florida’s local government investment fund was hit by a multibillion-dollar run by investors last month after they discovered it contained downgraded mortgage-backed securities.