BRADENTON, Fla. - In what may be just the first competitor to emerge as an alternative to Florida's troubled state-run Local Government Investment Pool, Davidson Fixed Income ManagementInc. yesterday announced the opening of a pool run by local governments.

The Florida Surplus Asset Fund Trust, or FLSAFE, begins operations with Davidson as investment adviser and administrator of $775,000 in initial investments. It already has received a AAAm rating from Standard & Poor's, the highest rating available for a stable value investment pool.

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