Illinois Student Assistance Commission, Springfield, extended State Street Global Advisors' passive international equity option for one year starting Jan. 18, confirmed spokesman John Samuels.
SSgA manages about $13.8 million for the $1.1 billion College Illinois Prepaid Tuition Trust Fund, the state's prepaid tuition program.
Investment consultant Callan Associates is currently conducting an asset class study on international equity and the commission will issue a full RFP following its completion. ISAC is not in a position to go out for a full three- to five-year contract at this point, Mr. Samuels said in a telephone interview.
Earlier this year, the 529 plan program set a 12% interim allocation and 22% long-term allocation to international equity, up from 8%.