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ORLANDO-Gov. Jeb Bush is breaking up the Florida Board of Regents that controlled state universities for 36 years and replacing it with a Board of Education headed by F. Phillip Handy, a prominent area financier and commercial real estate investor.

Handy heads Winter Park Capital Investments Co. in suburban Winter Park, FL and is a former vice president of Donaldson, Lufkin & Jenrette Co., a New York-based securities-trading brokerage. He is also a longtime Republican Party fund raiser and a close friend of the governor.

Replacing the Board of Regents are trustee boards at each university. Handy’s appointment follows Orlando restaurateur Manny Garcia’s naming as a trustee at Florida State University in Tallahassee. Garcia, Handy and Bush have known each other for 25 years.

The governor is a former commercial real estate developer in Miami and close associate of the Codina Group in Coral Gables, FL., South Florida’s largest commercial development house.

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