Florida Local Government Investment Trust

Name

Florida Local Government Investment Trust

Legal name

Florida Local Government Investment Trust

Website

https://floridatrustonline.com

Company type

Private

Founded year

1991

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Local Government Investment Pool (Public Fund Management)

NAICS

Other Investment Pools and Funds (5259), Open-End Investment Funds (525910)

SIC

Finance Services (6199)

akta.pro primary industry

Government Investment Pools & Treasury Funds (FSAAAGAE)

Keywords

• Local government investment pool
• Money market fund
• Short-term bond fund
• Public fund management
• Intergovernmental investing

Headquarters

HQ city

Tallahassee

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others, Marketing or Sales, Technology or R&D

Revenue model

1. Investment Management Fees: The Florida Trust generates revenue through management fees charged on the two investment pools it administers. The funds are professionally managed by Payden & Rygel for the benefit of member local governments. As a member-owned and member-governed organization, any net investment returns above fees are passed back to participants.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Florida Local Government Investment Trust operates two professionally managed investment pools for Florida local governments: the Day to Day Fund, a money market fund with a fixed $1.00 NAV and same-day liquidity, and the Short-Term Bond Fund, a variable-NAV bond fund with next-day liquidity. Both funds are authorized under Florida law, sponsored by the Florida Court Clerks and Comptrollers and the Florida Association of Counties, and managed by Payden & Rygel.

Product overview

The Florida Local Government Investment Trust operates as a platform of two investment products for Florida local governments: the Day to Day Fund (launched 2009, $1.48B AUM) and the Short-Term Bond Fund (launched 1992, $810M AUM). Both funds are sponsored by the Florida Court Clerks and Comptrollers and the Florida Association of Counties, professionally managed by Payden & Rygel for 29 years, and held by UMB Bank. The Day to Day Fund is a money market fund providing same-day liquidity with fixed $1.00 NAV for short-term cash management needs, while the Short-Term Bond Fund offers variable-NAV bond investment for medium-term needs like bond proceeds and project funds with next-day liquidity.

Differentiator

Problem solved

Functional benefit

Brands

• Day to Day Fund: Money market fund launched in 2009, AAAmmf rated by Fitch Ratings. Provides same day liquidity for Florida local governments. Invests in Repurchase Agreements, U.S. Treasuries, Mortgages, Commercial Paper, Certificates of Deposit, Government Related Securities, Asset-Backed Securities, and Corporate Bonds.
• Short-Term Bond Fund

Products and services

• Day to Day Fund
• Short-Term Bond Fund

Quantifiable outcome

• Day to Day Fund maintains AAAmmf rating from Fitch Ratings (highest underlying credit quality)
• +3 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and flagship.

• Payden & RygelcoreTechnology or Integration · 1 January 1989Payden & Rygel serves as the Investment Advisor for both the Day to Day Fund and Short-Term Bond Fund, professionally managing the portfolios for nearly 30 years. The firm provides investment management expertise, portfolio reports, and economic insights through the Financial Fridays program.
• UMB Fund ServicescoreTechnology or IntegrationUMB serves as the Custodian for the Florida Trust funds and manages the online reporting and transaction systems. Monthly account statements are available through UMB's Fund Participant Login portal. Jennifer Kilzer is the Custodial Bank Manager contact.
• CiviTekcoreTechnology or IntegrationCiviTek serves as the Administrator for the Florida Trust, providing administrative services for fund operations.
• Nabors, Giblin and NickersoncoreImplementation/ SI/ Consulting PartnerNabors, Giblin and Nickerson provides legal counsel services to the Florida Trust.
• Thomas Howell Ferguson P.A.coreImplementation/ SI/ Consulting PartnerThomas Howell Ferguson P.A. serves as the independent auditor for the Florida Trust, providing audited financial statements annually.
• Florida Court Clerks and ComptrollersflagshipStrategic or Co-development PartnerFCCC is one of two founding sponsors of the Florida Trust (along with FAC), established in 1991. The organization provides governance oversight through representation on the Board of Trustees and serves as the program administrator.
• Florida Association of CountiesflagshipStrategic or Co-development PartnerFAC is one of two founding sponsors of the Florida Trust (along with FCCC), established in 1991. The organization provides governance oversight through representation on the Board of Trustees and facilitates outreach to county governments.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Federated Hermes Government Obligations Fund: Large institutional government money-market fund family rated AAAm/AAAmmf. Competes for the same Florida public-sector cash deposits that Florida Trust targets, but at a national scale with broader distribution.
• Allspring Government Money Market Fund: Established government money-market fund family used by institutional public-sector investors; competes against Florida Trust's Day to Day Fund for public-fund deposits.
• BlackRock (Government / Liquidity Funds): BlackRock's government money-market and ultra-short bond funds serve many institutional and public-sector cash investors; an alternative for Florida local governments seeking AAA-rated institutional cash products.
• Vanguard Federal Money Market Fund: Nationwide government MMF family used by institutional treasurers; competes on yield and AAA-quality rating against Day to Day Fund for government cash allocations.

Direct peers

• NYCLASS (New York Cooperative Liquid Assets Securities System): Member-owned, member-governed LGIP cooperative for New York public entities. Closely parallel structure (cooperative governance, sponsor associations) to the Florida Trust.
• Georgia Fund 1 (Office of the State Treasurer): Georgia's state-administered local government investment pool providing a pooled money-market vehicle to Georgia local governments and authorities. Comparable statutory LGIP function.
• California Local Agency Investment Fund (LAIF): California state-administered LGIP offering a pooled money-market investment option for California local agencies. Directly comparable as a state-scoped, statutory investment pool serving municipalities and counties.
• PLGIT (Pennsylvania Local Government Investment Trust): Pennsylvania member-owned LGIP providing pooled money-market and short-term bond fund options to PA municipalities, school districts, and authorities. Same intergovernmental-governance DNA as Florida Trust.
• MILAF+ (Michigan Liquid Asset Fund Plus): Michigan LGIP offering pooled cash management and short-term bond portfolios for Michigan public entities. Closely aligned product mix (MMF + short-duration bond) and member-owned structure.
• TexPool / Texas Local Government Investment Pool: Texas LGIP operated under the Texas Treasury Safekeeping Trust Company; offers a money-market pool (TexPool) and a prime/short-term bond equivalent (TexPool Prime). Most direct comparable given identical member-owned LGIP structure for a single U.S. state's public sector.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/FLTrustOnline

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Florida Local Government Investment Trust