Illinois State Board of Investment, Chicago, revamped its...

Illinois State Board of Investment, Chicago, revamped its international equity manager classifications and is likely to search for another non-U.S. equity manager, said Ronald D. Schmitz, CIO for the $8 billion board. The board classified its international managers in three groups — enhanced index, core and aggressive — a move that is likely to leave a slot open for another manager, Mr. Schmitz said. The board has $1.5 billion total in international equities, and funding for a new manager would probably come from rebalancing the existing managers’ portfolios. Hewitt is assisting.