Illinois State Universities Retirement System's board approved hiring international equity managers Fidelity Management Trust to run $100 million in active bottom-up core and Delaware International Advisers to handle $75 million in value. The Champaign, Ill.-based system will fund the hirings by reducing Martin Currie's active international growth equity portfolio by $75 million to $357 million and trimming a Barclays Global Investors EAFE value index fund by $100 million, to $213 million.
Also, the board approved a formal 4% allocation to global equities, increasing its existing assignments to Capital Guardian and Wellington by $150 million each; the two firms had run $74 million each. Funding will come from cutting $150 million each from a Northern Trust Wilshire 5000 fund, leaving it with $2.3 billion, and a BGI All-Country World ex-U.S. index fund, to $1.01 billion.
Staff at the $11.47 billion system and its consultant, Ennis Knupp, recommended the moves.