Capital Allocators – Inside the Institutional Investment Industry

CIO Greatest Hits: Public Pensions – Ash Williams (Florida SBA)

Aug 11, 2025
Ash Williams, former CIO of the Florida State Board of Administration, shares his insights from steering one of the largest state pension funds in the US. He dives into the challenges of modernizing compensation models and governance structures in a politically tricky landscape. Ash also discusses the complexities of asset allocation, emphasizing the need for a rational long-term investment outlook. He highlights the importance of trust in managing substantial assets and navigates the delicate dynamics of proxy voting and investor communication.
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ANECDOTE

Authorized Equities For Growth

  • As executive director, Ash Williams changed the law to allow up to 25% of the fund into U.S. equities.
  • That move let the plan escape high-inflation fixed-income limits and pursue growth.
ANECDOTE

Directly Owned Real Estate

  • Ash Williams built a principal real estate portfolio, owning and managing over half the book directly with low leverage.
  • Direct ownership created valuation cushions and long-term optionality for the fund.
ANECDOTE

Buy Timeless Locations

  • Ash Williams cited Corte Madera Town Center as a property they bought long ago and have kept ever since.
  • He used it to illustrate the value of unique location and durable pricing power.
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