florida investment corporation ufico was created by the board of trustees of the university of florida in june 2004 to oversee the investments of the university of florida . currently ufico is managing money for the university of florida foundation the university of florida research foundation the university athletic association shands teaching hospital and clinics and the university of florida with assets under management totaling over 2.7 billion . ufico is governed by a separate board of directors composed of directors appointed by the president of the university . the board approves the investment policies objectives and broad asset allocations for the various investment pools managed by ufico and approves all investment manager and service provider changes for amounts greater than 3 % of assets . ufico staff is charged with overseeing the day to day operational investment activities subject to policies established by the board . staff performs manager due diligence on current and prospective investment managers retains or dismisses investment managers custodians and investment service providers for amounts up to 3 % of assets .