Capital Allocators – Inside the Institutional Investment Industry Ash Williams – Florida SBA’s Reigning Chief (Capital Allocator, EP.104)
Jul 8, 2019
Ash Williams, the Executive Director and CIO of the Florida State Board of Administration, manages $200 billion in assets, making him a key figure in the investment world. He discusses his journey from Florida politics to Wall Street and back, navigating the complexities of large pension fund management. Topics include modernizing compensation, balancing active and passive investment strategies, and the importance of transparency. Ash also shares insights on proxy voting, the shifting landscape of private equity, and the significance of effective communication and trust in investment performance.
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Unplanned Career Start
- Ash Williams's career began unexpectedly when a professor offered him a consulting project for the Florida legislature.
- This led to a position in the Speaker of the House's office, changing his initial plans of going to Wall Street.
Early Pension Fund and S&L Crisis
- Williams's early work involved analyzing the State Pension Fund's legal investment authority and changing the law to allow equity investments.
- He later witnessed the S&L crisis firsthand, learning about the consequences of poor financial practices.
Tobacco Divestiture and Departure
- Williams left the SBA in 1996 due to a disagreement about tobacco divestiture, highlighting the conflict between fiduciary duty and political agendas.
- The divestiture later cost Florida's fund about $500 million.