Illinois Teachers' Retirement System , Springfield, will search for an...

Illinois Teachers’ Retirement System, Springfield, will search for an unspecified number of minority-owned money managers to handle up to $450 million total in equity or fixed-income assets. Trustees set no timetable for the hirings. Incumbent minority-owned manager Progress Investment Management currently runs about $240 million in equity and fixed-income manager-of-managers strategies for the $21 billion fund. Trustees voted to retain Progress at least until an asset allocation review by consultant Callan Associates is finished in April. A timetable for all manager searches throughout 2002 also was reviewed and approved by the board at its Monday meeting. Also, trustees voted to continue a suspension of automatic rebalancing to existing managers through April 15.