Illinois SURS issues RFP for cash overlay manager

Illinois State Universities Retirement System, Champaign, issued an RFP for firms to provide cash overlay services to manage nominal exposure of $200 million to $500 million.

The $16 billion SURS is seeking to enhance its cash management capabilities and have overlay exposures “consistent with the asset allocation of the plan,” according to the RFP. SURS is seeking a separate account structure for the overlay.

The RFP is available on SURS' website. Proposals are due Jan. 10. SURS trustees could make a selection March 13 and award a contract in May. Investment consultant NEPC is assisting.

Daniel L. Allen, chief investment officer, couldn't be reached for further details.