Illinois State Board of Investment, Chicago, delayed accepting Ennis Knupp's proposed general consulting contract, pending clarification on Ennis' fiduciary status and other issues. Trustees of the $7.8 billion fund want Ennis to be a fiduciary; Ennis' proposed contract doesn't have such a provision, said William Atwood, the board's executive director. Also, the board wants further discussion with Ennis officials on the $320,000 annual fee and services Ennis proposed.
The board chose Ennis in June as the fund's first general consultant over two other finalists, Stratford and Marquette. Their proposed annual fees were $260,000 plus $5,000 per manager and $240,000, respectively, although some services differed among the three firms, said Mr. Atwood.
Stephen Cummings, president and CEO of Ennis, didn't respond to a request for comment.
